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Match prices add-on; CommScope mixed; Clear Channel up; Mattel, Coty jump on earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 8 – Following the biggest day for the high-yield primary market in nearly two years, new deal activity was muted on Friday with the forward calendar thin.
Match Group, Inc. priced an upsized $350 million issue of 10-year senior notes (Ba3/BB) at par to yield 5 5/8% in a drive-by.
The forward calendar is thin with Getty Images Inc.’s $400 million offering the sole deal that remains on it.
Meanwhile, the secondary space was largely unchanged on Friday after a strong start to the week was followed by a soft day on Thursday.
New paper remained in focus on Friday, although with mixed results.
In stark contrast to the demand for secured paper seen during book building, CommScope Inc.’s secured tranches were trading down on Friday while its unsecured tranche was posting gains.
Clear Channel Outdoor Holdings, Inc.’s 9¼% senior notes due 2024 remained at a steep premium to their issue price on Friday.
Outside of the new paper, Mattel, Inc.’s 6¾% senior notes due 2025 (B1/BB-/BB) and Coty Inc.’s 6½% senior notes due 2026 jumped in high-volume activity after the companies reported earnings beats.
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