ADT, Freedom Mortgage, Kosmos price; Churchill Downs, Viasat rise; funds up $1.79 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 21 – The domestic high-yield primary market saw three deals clear during Thursday’s session – one upsized, one downsized, and another revised its structure.

ADT Corp. truncated its notes offering and priced two of a planned three tranches on Thursday.

Freedom Mortgage Corp. priced a downsized $250 million issue of 10¾% five-year senior notes (B2/B-) at 98.119 to yield 11¼%.

Kosmos Energy Ltd. priced an upsized $650 million issue of seven-year senior notes (expected ratings BB-/BB) at par to yield 7 1/8%.

Meanwhile, the secondary space was firm on Thursday with the paper priced during the previous session performing well in the secondary space.

Churchill Downs Inc.’s 5½% senior notes due 2027 (expected ratings Ba3/B+) were active and trading at a slight premium to their issue price during Thursday’s session.

Viasat, Inc.’s 5 5/8% senior notes due 2027 (B1/BB+) shot up in secondary trading with the notes more than 1 point above their issue price.

Meanwhile, high-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw inflows of $1.796 billion for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

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