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Allied Universal, Sirius price; Hannon Armstrong, Fairstone skyrocket; funds add $3.09 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 27 – While activity in the domestic high-yield primary market was tame compared to the frenetic activity seen in the early part of the week, the Thursday session still saw two issuers price a respectable $2.35 billion in three tranches.
Allied Universal Holdco LLC priced an upsized $2.05 billion two-tranche offering.
Sirius Computer Solutions, Inc. priced a $300 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 11%.
The deals that priced during Wednesday’s session skyrocketed in the secondary space.
Hannon Armstrong Sustainable Infrastructure Capital Inc.’s 5¼% senior notes due 2024 (BB+/BB+) and Fairstone Financial Inc.’s 7 7/8% senior notes due 2024 (B1/B) were both seen about 2 points above their issue price.
Charter Communications, Inc.’s subsidiaries CCO Holdings LLC and CCO Holdings Capital Corp.’s 5 3/8% senior notes due 2029 (B1/BB) were active and trading up to their previous levels prior to pricing an add-on.
Meanwhile, high-yield mutual funds and exchange-traded funds saw inflows that topped $3 billion for the third time year to date – $3.089 billion entered the space for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
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