Fortress prices add-on; CommScope, Clear Channel to price Thursday; KB Home lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 6 – A single issue cleared the high-yield primary market on Wednesday with Thursday gearing up to be a high-volume day for new deal activity.

Fortress Transportation & Infrastructure Investors LLC priced an upsized $150 million add-on to its 6¾% senior notes due March 15, 2022 (B1/B+) in a Wednesday drive-by.

CommScope Inc. is expected to price its $3 billion offering and Clear Channel Outdoor Holdings, Inc. is expected to price its $2.2 billion offering on Thursday with official price talk circulating the market.

Meanwhile, the secondary space was flat to slightly improved on Wednesday after seeing large gains throughout the week and the latter part of last week, sources said.

New paper remained in focus in the secondary space.

KB Home’s two tranches of recently priced senior notes were mixed in secondary activity.

The 6 7/8% senior notes due 2027 (B1/BB-) were lagging their issue price in high-volume activity in the secondary space.

However, the company’s add-on notes to its 7 5/8% senior notes due 2023 were posting large gains to their reoffer price.

Altice USA Inc.’s 6½% senior notes due 2029 (Ba2/BB-) returned to focus in the secondary space with the notes riding the general strength of the market to post large gains on the week.

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