Ahern, Global Cash Access remarketing price; iHeart, Intel up; funds lose $859.1 million

By Paul Deckelman

New York, April 30 – The high-yield primary arena closed out the month of April on a busy note on Thursday, with pricings on two dollar-denominated and fully junk-rated deals totaling $900 million principal amount – though only $870 million of proceeds.

Ahern Rentals, Inc. priced an upsized $550 million of eight-year secured notes. The new issue was the most heavily traded issue of the day in Junkbondland, rising modestly.

Global Cash Access Inc.’s 10% notes due 2022 were being remarketed by dealers. After pricing at a steep discount to par – and below where the bonds had priced on their first go-around – the notes firmed smartly in busy aftermarket trading.

Price talk circulated on a trio of deals that are expected to get done on Friday to close out the week: Quicken Loans’ $1.25 billion split-rated offering plus the purely junk-rated offerings from PrimeSource Building Products and from Extended Stay America Inc.

Away from the new deals, traders saw brisk activity in Intelsat SA’s bonds and in iHeart Media Inc.’s paper as well; both were up on investor response to the companies’ respective quarterly earnings.

Statistical measures of market performance were trending lower for a third consecutive session.

And another numerical marker, flows of money into and out of high-yield mutual funds and exchange-traded funds, saw their second consecutive weekly outflow. In the week ended Wednesday, $859.1 million more left the funds than came into them.

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