Live Nation, Aker price new deals; new Guitar Center active; funds gain $11 million

By James McCandless and Paul A. Harris

San Antonio, March 15 – Two new dollar-denominated high-yield offerings totaling $800 million priced on Thursday and a series of announcements set the stage for a busy session on Friday.

Live Nation Entertainment, Inc. priced a $300 million issue of eight-year senior notes (B1/B+) in a quick-to-market trade while Norway’s Aker BP ASA brought $500 million of seven-year senior notes.

In the high-yield second market, recent issues dominated trading on Thursday, market sources confirmed.

Tuesday’s issue from Guitar Center, Inc. of $635 million of 9½% 3.5-year senior secured notes was the most active in the secondary.

Valeant Pharmaceuticals International, Inc saw its recent eight-year senior notes trade actively.

And the recent $1 billion pricing from Sprint Corp. continues to be a dominant name in secondary business.

Frontier Communications Corp. and Intelsat SA saw more heavy volume.

Meanwhile the dedicated high yield funds snapped a string of eight consecutive cash outflows going back nearly to the start of 2018, but just barely.

Flows were essentially flat but nonetheless positive: $11 million of net inflows in the week to Wednesday’s close, according to Lipper US Fund Flows.

The small weekly inflow, which was reported on Thursday afternoon, follows the previous week’s $525 million of net outflows, which was the eighth consecutive negative weekly flow, according to a Prospect News analysis of the data.

© 2015 Prospect News.
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