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Michaels Stores, Talen Energy price; LSC Communications tanks; Sprint trades down
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 21 – The domestic high-yield primary market rounded out an active week with two new deals pricing.
Michaels Stores, Inc. priced a $500 million issue of eight-year senior notes (B1/B) at par to yield 8%.
The deal was heard to be facing headwinds but was able to clear the market after widening price talk and revising covenants.
Talen Energy Supply, LLC priced a $470 million issue of 8.5-year senior secured notes (Ba3/BB) at par to yield 6 5/8% in a Friday drive-by.
Meanwhile, trading volume in the secondary space slowed down as the market cooled after a midweek rally that buoyed the overall market.
The theme in the headlines that moved the market on Friday – the U.S. Department of Justice and its decisions, or lack thereof, on mergers and acquisitions – explained the day’s trading.
LSC Communications Inc.’s 8¾% senior notes due 2023 tanked in high-volume activity on Friday after the DOJ filed suit to block Quad/Graphics Inc.’s acquisition of the commercial printing company.
Sprint Corp.’s junk bonds were trading down as the Department of Justice’s decision regarding its merger with T-Mobile, which was expected by Friday, was delayed until next week.
Sprint’s bonds were trading up throughout the week in anticipation of the decision.
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