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Primary prices $1.15 billion in reprieve; lower-rated NCL, Affinity Gaming outperform
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Dec. 16 – Halfway through the week, the high-yield market has already logged over $8.5 billion of new paper, most of that pricing on Monday and Tuesday.
Relaxing from the torrid pace, Wednesday tallied a fresh $1.15 billion of that weekly total from three tranches.
While new issues continued to trade at a premium in the secondary to their issue prices, lower-rated paper outperformed.
NCL Corp. Ltd.’s 5 7/8% senior notes due 2026 (B), AdaptHealth LLC’s 4 5/8% senior notes due 2029 (B1/B-) and E.W. Scripps Co.’s 5 3/8% senior notes due 2031 (Caa1/CCC+/B-) and Affinity Gaming’s 6 7/8% senior secured notes due 2027 (B3/B-) were all trading about 2 points above their issue prices.
While E.W. Scripps’ 3 7/8% senior secured notes due 2029 (Ba3/BB-/BB) were also trading with a large premium, the notes did not reach the same heights as the unsecured tranche.
Meanwhile, Tallgrass Energy Partners, LP/Tallgrass Energy Finance Corp.’s 6% senior notes due 2030 (B1/BB-/BB-) and Valvoline Inc.’s 3 5/8% senior notes due 2031 (Ba3/BB-) closed Wednesday on a par-handle.
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