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Transocean, Lamar price; Tenet lags issue price; Vistra, MGM, Albertsons wrap around par
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 23 – The high-yield primary market continued to churn out new deals on Wednesday with two drive-by deals pricing one day after the primary market’s busiest day in nearly four months on Tuesday.
Transocean Poseidon Ltd. priced a $550 million issue of 6 7/8% eight-year senior secured notes (B1/B+) at 99.25 to yield 7.026%.
Lamar Advertising Co. priced a $250 million add-on to its 5 ¾% senior notes due Feb. 1, 2026 (Ba2/BB) at 102 to yield 5.289%.
Meanwhile, the new paper that priced during Tuesday’s session was in focus in the secondary space.
However, in stark contrast to the deals that priced earlier in January, which all traded well above their issue price, the paper to price during Tuesday’s session had a lackluster reception in the secondary space.
Each issue was either at or below their issue price in secondary trading, which sources attributed to the tight pricing of the upsized deals.
Tenet Healthcare Corp.’s 6¼% senior notes due 2027 dominated activity with the notes lagging their issue price.
The health care services providers 6¾% senior notes due 2023 also continued their downward momentum on Wednesday. Albertsons Cos., Inc.’s 7½% senior notes due 2026 (B3/B+), Vistra Energy Corp.’s 5 5/8% senior notes due 2027 (Ba3/BB) and MGM Growth Properties LLC’s 5¾% senior notes due 2027 wrapped around par in high-volume activity.
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