Ascend Learning prices; CommScope, Clear Channel improve; Bristow loses; Springleaf jumps

By Paul A.Harris and Abigail W.Adams

Portland, Me., Feb.12 – The high-yield primary market saw one deal price during Tuesday’s session with the one deal remaining on the forward calendar expected to price on Wednesday.

Ascend Learning, LLC priced an upsized $350 million issue of 6 7/8% mirror notes due Aug.1, 2025 (Caa2/CCC) at 95.00 to yield 7.878%.

Getty Images Inc.is expected to price its $400 million offering of eight-year senior notes during Wednesday’s session.

Meanwhile, the secondary space was strong on Tuesday with the market climbing about ¼ point as equities rallied and crude oil futures spiked.

New paper from CommScope Inc.and Clear Channel Outdoor Holdings, Inc.were riding the strength of the market with the notes improved in high-volume activity.

While the overall market was up, Bristow Group Inc.’s 6¼% senior notes due 2022 intensified their losses on Tuesday with the notes shaving off double digits as the company’s 8¾% notes due 2023 saw a slight rebound.

Springleaf Finance Corp.’s 7 1/8% senior notes due 2026 (B1/B+) jumped in high-volume activity on Tuesday following a ratings upgrade.

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