BMC prices; Live Nation, Power Solution, Boyd gain in secondary; Uber, Outfront Media lag

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 14 – The domestic high-yield primary market slowed its pace on Thursday after the torrent of new paper that hit the drive-by window in the previous session.

BMC Software priced an upsized $1.35 billion equivalent three-tranche offering. Olin Corp. priced a $500 million offering of five-year senior bullet notes (Ba3/BB-).

In another crossover, Antares Holdings LP priced an upsized $215 million issue of five-year senior notes (//BBB-) off the investment-grade desk but with a high-yield execution.

In the secondary, Uber Technologies Inc.’s 7½% senior notes due 2025 (B3/CCC+) and Outfront Media Capital LLC and Outfront Media Capital Corp.’s 6¼% senior notes due 2025 (B2/B+) remained weak throughout Thursday’s session.

Goodyear Tire & Rubber Co.’s 9½% senior notes due 2025 (B2/B+/BB-) fell flat in active trading.

However, Live Nation Entertainment, Inc.’s 6½% senior notes due 2027 (Ba2/BB-), Boyd Gaming Corp.’s 8 5/8% senior notes due 2025 (Caa1/B-) and Power Solutions’ 6¾% senior notes due 2025 (B/B+) were putting in strong performances.

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