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Junk: Outfront Media, Smyrna price; Bombardier lags; Atlas Air, Air Transport under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 7 –.Smyrna Ready Mix Concrete, LLC priced a $1.1 billion issue of eight-year senior secured notes (Ba3/BB-/BB-) and Outfront Media, Inc. priced an upsized $450 million issue of 7.25-year senior secured notes (Ba1/BB) in the Tuesday junk bond session.
Meanwhile, it was another flat day in the secondary space with the cash bond market either side of unchanged as it continued to rest from the spectacular gains of late last week.
Bombardier Inc.’s newly priced 8¾% senior notes due 2030 (B2/B) were weaker in active volume on Tuesday with the notes giving back gains made on the break and closing the session below par.
Venture Global LNG Inc.’s 9½% notes due 2029 and 9 7/8% notes due 2032 (B1/BB/BB) were active after the company priced an add-on the previous session, marking a fourth pass at the junk market in 2023.
Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, were under pressure in substantial volume.
The notes underwent heavy selling after industry peer Air Transport Services Group, Inc. posted a large earnings miss.
Air Transport’s 4¾% senior notes due 2028 (Ba2/BB) suffered large losses during Tuesday’s session.
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