High-yield forward calendar eyed; Level 3 bounces; Gray Television selling continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 8 – The dollar-denominated junk primary market was quiet on Friday, and the first week of the bond market’s autumn came to a close having seen an underwhelming $815 million face amount of issuance in three tranches.

However, the pace promises to pick up in the week ahead, with an active forward calendar that features $2.35 billion heading into the weekend and more expected to be announced, sources said.

Star Parent, Inc. is roadshowing the $1.7 billion offering of seven-year senior secured notes (B1/B) coming in support of the buyout of Syneos Health Inc.

Banijay Entertainment SASU and Greenfire Resources Ltd. are also in the market with offerings.

The shadow calendar also continues to take shape with a $4 billion equivalent amount of senior secured notes backing the buyout of Worldpay and a possible offering from Shelf Drilling Holdings, Ltd. also expected.

Meanwhile, it was a quiet and flat day in the secondary space with the weekly issuance a disappointment to many.

Lumen Technologies, Inc.’s subsidiary Level 3 Financing, Inc.’s senior notes (B3/CCC+) were once again in focus with the notes bouncing after Lumen presented at the Goldman Sachs Communacopia + Technology Conference.

Gray Television, Inc.’s senior notes (B3/B) continued to see selling pressure with investors wary of the sector amid continued carriage fee disputes.

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