MGM, NRG upsize; new paper in focus; Rackspace outperforms; GFL, Meritor at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 17 – MGM Growth Properties Operating Partnership LP and NRG Energy, Inc. were the issuers of the day in the junk bond primary market on Tuesday.

Both issuers sold offerings that were upsized and priced at the low end of talk.

In the secondary, Rackspace Technology Global Inc.’s 5 3/8% senior notes due 2028 (Caa1/B-) were the strongest of the recent deals with the notes climbing to a 102-handle.

Meritor Inc.’s 4½% senior notes due 2028 (B1/BB-/BB-) were also putting in a strong performance with the notes on a 101-handle.

While Hilton Worldwide Holdings Inc.’s two tranches of senior notes (Ba2/BB) were both trading with a premium in the secondary space, the longer duration notes traded almost 1 point higher than the shorter duration notes.

While the notes failed to break par, GFL Environmental, Inc.’s 4% senior notes due 2028 (B3/B-) were trading at a premium to their discounted issue price.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.