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Cumulus Media, Outfront Media, Harsco, Aker BP price; Graphic Packaging trades at a premium
By Abigail W. Adams
Portland, Me., June 12 – The domestic high-yield primary market saw another busy session on Wednesday with four deals totaling $2.4 billion pricing – three of which came upsized.
Cumulus Media New Holdings Inc. priced an upsized $500 million offering of seven-year senior secured first-lien notes (B2/B) on Wednesday at par to yield 6¾%, according to a market source.
Outfront Media Capital LLC priced an upsized $650 million offering of eight-year senior notes (expected B1/BB-) at par to yield 5% in a Wednesday drive-by.
Aker BP ASA priced an upsized $750 million offering of five-year senior notes (Ba1/BB+/BBB-) at par to yield 4¾%.
Harsco Corp. priced a $500 million offering of eight-year senior notes (Ba2/BB-/BB) at par to yield 5¾%.
The European primary market also saw some activity with Entertainment One Ltd. starting a roadshow for a £425 million offering of seven-year senior secured notes.
With focus firmly rooted on the new paper in the works, the secondary space was quiet on Wednesday with the market largely unchanged, another source said.
Graphic Packaging International, LLC’s 4¾% senior notes due 2027 (Ba2/BB+) held onto their premium in the secondary space after a strong start out of the gate on Tuesday.
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