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High yield: Bausch + Lomb, Freedom price; Greenfire outperforms; funds gain $81 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 14 – The Thursday junk primary market session saw two issuers price a $2.7 billion face amount of junk in a combined three tranches.
With the Friday session remaining to play out, the Sept. 11 week – now totaling $9.5 billion – becomes the biggest thus far in 2023, eclipsing the $8.5 billion that priced during the week of Feb. 6.
In Thursday’s action, Bausch + Lomb Corp. priced a $1.4 billion issue of Bausch + Lomb Escrow Corp. five-year senior secured notes (B1/B-/BB) at par to yield 8 3/8%, at the tight end of talk.
The deal ended up playing to $3.5 billion of demand across 115 accounts, according to a sellside source.
Elsewhere, in a massively upsized and rejiggered deal, Freedom Mortgage Corp. priced $1.3 billion of senior notes (B2/B/B+) in two tranches.
It was a firm day in the secondary space with the cash bond market adding 1/8 to ¼ point.
Greenfire Resources Ltd.’s 12% senior secured notes due 2028 (B3/B+) were the outperformers of recent deals with the notes trading 1½ points above their discounted issue price.
Meanwhile, high-yield mutual funds and exchange-traded funds saw another week of modest inflows with $81 million entering the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
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