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Junk: CSC, Caliber, Univision price; HUB on deck; MI Windows jumps; funds add $1 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 18 – A big day in the junk primary market saw three single-tranche, dollar-denominated issuers price a $3.54 billion face amount of notes.
Altice USA subsidiary CSC Holdings, LLC priced $2.05 billion of five-year senior guaranteed notes (B2/B) at par to yield 11¾%.
Caliber Collision priced $1.25 billion of Wand NewCo 3 Inc. eight-year senior secured notes (B3/B) at par to yield 7 5/8%.
And Univision Communications Inc. priced a $240.7 million add-on to its 8% senior secured notes due 2028 (B1/B+) at 101 to yield 7.733%.
Two of the deals were drive-bys, and one upsized.
Executions bore the earmarks of a new issue market that is by no means cold: Two deals came tight to talk, while the third came in the middle of talk.
Looking to Friday’s session Hub International Ltd. is on deck with a $3 billion two-part offering that includes secured and unsecured high-yield notes.
Meanwhile, the secondary space firmed on Thursday with buyers returning to the space after a heavy week.
MI Windows and Doors, LLC’s 5½% senior notes due 2030 were the major gainers of Thursday’s session after parent company MITER announced its acquisition of PGT Innovations Inc.
High-yield mutual funds and ETFs funds continued to see inflows with $1 billion entering the space in the week through Wednesday’s close, according to a market source.
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