Consolidated Communications prices; secondary heavy; Michaels, First Quantum, Methanex flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 18 – After one of the highest volume weeks for new deal activity in the history of the junk bond market, only one deal cleared the primary market on Friday.

Consolidated Communications Holdings, Inc. priced Friday's sole deal, a downsized $750 million issue of eight-year senior secured notes (B2/B+).

While the calendar heading into the Sept. 21 week is light, 2020 is on track to break all-time records for new issuance.

Meanwhile, the secondary space was heavy on Friday with equities extending their losses.

However, volume was light with new paper continuing to dominate the tape.

While new paper from Consolidated Communications skyrocketed, several recent deals fell flat in active trading.

Methanex Corp.’s 5 1/8% senior notes due 2027 (Ba1/BB/BB), First Quantum Minerals Ltd.’s 6 7/8% senior notes due 2027 (CCC+/B-), and Michaels Stores, Inc.’s 4¾% senior notes due 2027 (Ba3/B+) were flat to lagging their issue prices.

While Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC’s (Pactiv Evergreen) 4% senior notes due 2027 (B1/B+) were trading with a slight premium, they did not move much, a source said.

© 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.