Viasat, Chuchill Downs price; Kodiak Gas on tap; Power Solutions weakens; CalRes gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 20 – The domestic high-yield primary market saw two upsized deals price during Wednesday’s session and one more join the forward calendar.

Churchill Downs Inc. priced an upsized $600 million issue of eight-year senior notes (expected ratings Ba3/B+) at par to yield 5½% in a Wednesday drive-by.

Viasat, Inc. priced an upsized $600 million issue of eight-year senior secured notes (B1/BB+) at par to yield 5 5/8%.

Freedom Mortgage Corp. was expected to price its $350 million offering of five-year senior notes and Kosmos Energy Ltd. its $600 million offering of seven-year senior notes.

However, final terms were not available as of press time.

Kodiak Gas Services LLC is marketing a $400 million offering of eight-year senior notes (S&P: B-) with pricing expected before the end of the week.

Meanwhile, new paper remained in focus in the secondary space with Power Solutions’ dollar-denominated tranches continuing to denominate.

However, the notes were weaker in active trading on Wednesday after skyrocketing during the early part of the week.

Wednesday was a strong day for oil and gas names with California Resources Corp.’s bellwether 8% senior notes due 2022 making gains as crude oil futures broke past $60 a barrel in intra-day trading.

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