American Woodmark, upsized Scientific Games price; new Western Digital soars

By Paul Deckelman and Paul A. Harris

New York, Jan. 31 – The domestic high-yield market saw a pair of new issues get done on Wednesday, with lottery and casino technology company Scientific Games Corp. leading the way with an upsized $900 million add-on to its existing October 2025 bonds that the company sold last fall.

Also pricing was kitchen and bathroom cabinet maker American Woodmark Corp.’s quick-to-market million eight-year issue.

Traders saw brisk aftermarket activity in both credits, a little bit above their respective par issue prices.

The two deals closed out the first month of 2018, which saw some $23.03 billion of dollar-denominated and fully junk-rated issues price in 38 issues, running well ahead of the pace seen last January.

Out of the emerging markets space, the day saw Dubai-based oilfield services company Shelf Drilling Holdings Ltd. brought in an upsized, regularly-scheduled eight-year issue to market. Traders reported heavy aftermarket activity at better levels in that credit.

Tuesday’s new deal from Western Digital Corp. was by far the most actively traded name in Junkbondland on Wednesday, with strong gains seen.

The downside movement in Wynn Las Vegas LLC continued for a third straight session on Thursday, with investors wary of the casino resort operator’s paper in the wake of sexual abuse allegations against the company founder and CEO, Steve Wynn.

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