Great Lakes, FirstCash, Delek price, move higher; Intelsat gains more; funds up $650 million

By Paul Deckelman and Paul A. Harris

New York, May 18 – After two days on the sidelines, the high-yield dollar-denominated market swung back into action on Thursday, with a trio of new issues pricing as regularly scheduled forward calendar deals.

Coastal and inland river construction contractor Great Lakes Dredge & Dock Corp. had the big deal of the session, a restructured $325 million of five-year notes.

Pawn shop proprietor FirstCash, Inc. brought $300 million of seven-year paper to market.

And energy operator Delek Logistics Partners LP did $250 million of eight-year notes.

Secondary traders saw the new Great Lakes, FirstCash and Delek deals all firming solidly when they hit the aftermarket.

Away from the new deals, Intelsat SA’s various bonds were mostly higher across the company’s capital structure for a second consecutive session, in mostly active trading, after the communications satellite company sweetened its pending exchange offer aimed at taking out a sizable chunk of its more than $15 billion debt load.

Statistical market performance measures turned mixed on Thursday after being lower across the board on Wednesday.

Another numerical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds, which are considered a reliable barometer of overall junk market liquidity trends – moved back to the upside in the latest reporting week, as $650 million more came into those weekly-reporting-only domestic funds than left them.

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