Warner Music, Kennedy-Wilson add-on price; Sprint continues to dominate secondary

By James McCandless and Paul A. Harris

San Antonio, Feb. 28 – The high-yield space was relatively calm on Wednesday, with the only new issues being Warner Music Group’s $325 million issue of eight-year senior notes and Kennedy-Wilson, Inc.’s $250 million add-on to its 5 7/8% senior notes due 2024, as the secondary market was largely quiet, traders said.

Volume was taken up mostly by recently priced issues and volume favorites backed by recent news.

Sprint Corp. continues to dominate the secondary market since its $1 billion pricing last Wednesday.

Activity spiked in Valeant Pharmaceuticals International, Inc. after a Q4 report showed a net income lower than analyst estimates.

Frontier Communications Corp. notes maintained high volume after Tuesday’s quarterly earnings report and Wednesday’s news that it will rescind its quarterly dividend.

Intelsat SA and California Resources Corp. contributed to the day’s activity.

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