Junk prices $2.625 billion on Friday; Viasat comes in; Worldpay improves; Tenneco rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 22 – An unusually busy Friday session in the junk bond new issue market had four tranches from four issuers raising a combined total of $2.68 billion.

Meanwhile, it was relatively flat day in the secondary space with the market firm early in the session but giving back gains as the session progressed to end the day relatively unchanged.

Viasat Inc.’s 7½% senior notes due 2031 (Caa1/B/BB-) gave back some of the spectacular gains made on the break although they maintained a strong premium to their deeply discounted issue price.

GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay firmed to return to the heights they achieved after breaking for trade.

Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) returned to focus on Friday with buyers lifting the notes more than 1 point although they remain under water.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.