PHI joins calendar, existing notes gain; MGM dominates; Ardent trades up; AMAG jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 15 – The European high-yield primary market saw one deal price on Friday while the domestic market remained quiet.

Europcar priced a €150 million add-on to EC Finance plc’s 2 3/8% senior secured notes due Nov. 15, 2022 (B1/BB-) at 99.0001 to yield 2.62% in a quick-to-market trade.

While no deals priced domestically, PHI, Inc. joined the forward calendar with plans to start a roadshow on Monday for a $500 million offering of five-year senior secured notes.

The company’s 5¼% senior notes due 2019, which will be refinanced with proceeds from the new offering, were active and making gains after the roadshow announcement.

Trading volume was light in the secondary market on Friday with no new paper entering the space. However, Thursday’s deals remained active.

MGM Resorts International’s newly priced 5¾% senior notes due 2025 (Ba3/BB-) dominated trading activity with the notes up slightly.

Ardent Health Services LLC’s 9¾% senior notes due 2026 (Caa2/CCC+) were seen almost 3 points above their issue price on Friday although the notes have seen little trading activity since they priced.

Away from the new deal-related action, AMAG Pharmaceuticals Inc.’s 7 7/8% senior notes due 2023 jumped more than 4 points after the company announced plans to repay the outstanding amount with proceeds from a divestiture.

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