VICI Properties, Albertsons, Baytex price; Altice, Stena on deck; Holly Energy, SBA gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 22 – The domestic high-yield primary market saw another active session with two megadeals pricing on Wednesday.

VICI Properties LP and VICI Note Co. Inc. priced a $2.5 billion three-tranche offering and Albertsons Cos. Inc. priced its $2.35 billion three-part offering.

Baytex Energy Corp. also priced a $500 million offering of seven-year notes (B2/BB/BB-) on Wednesday.

Thursday also promises to be an active session with Altice’s €2.1 billion equivalent three-tranche offering and Stena International SA’s upsized $600 million equivalent dual-currency offering on deck.

Meanwhile, new paper was in focus in the secondary space with the deals to price during Tuesday’s session continuing to gain.

Holly Energy Partners LP and Holly Energy Finance Corp.’s 5% senior notes due 2028 (B1/BB) climbed higher in active trading after a strong break.

Despite the tight pricing, SBA Communications Corp.’s 3 7/8% senior notes due 2027 also gained strength in high-volume activity.

The energy space was, in general, flat on Wednesday despite the downward move in crude oil futures, a source said.

While the space was flat on balance, several recent deals from the energy sector continued to move lower.

Transocean Ltd.’s 8% senior notes due 2027 (Caa1/B-) and Laredo Petroleum, Inc.’s 9½% senior notes due 2025 (B3/B+) continued to trade off in high-volume activity.

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