Vistra, Grubhub price; Intelsat adds; Siri up; L Brands flat; funds out $3.22 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 6 – The domestic high-yield primary market resumed a vigorous pace on Thursday, as the market saw $2.2 billion of junk clear in three upsized tranches from three issuers.

Vistra Energy Corp., priced an upsized $1.3 billion issue of eight-year senior notes (Ba3/BB/BB) at par to yield 5% in a Thursday drive-by.

Grubhub Inc. priced an upsized $500 million issue of eight-year senior notes (Ba3/BB) at par to yield 5½%.

Intelsat Jackson Holdings SA priced an upsized $400 million add-on to its 9¾% senior notes due 2025 (Caa2/CCC+) at par to yield 9.746%.

Meanwhile, the secondary space was again firm on Thursday with the market up about 1/8 point, a source said.

In new paper, Sirius XM Radio Inc.’s newly priced 5½% senior notes due 2029 continued to post gains in the secondary space with the notes trading at a large premium to their issue price.

L Brands, Inc.’s 7½% senior notes due 2029, in contrast, were straddling their issue price.

Outside of the new paper, Tesla Inc.’s 5.3% convertible notes due 2025 were rebounding from their lows following news about an uptick in deliveries.

Meanwhile, high-yield mutual funds and exchange-traded funds broke a recently set record for the largest outflow year-to-date with $3.217 billion leaving the space for the week ended Wednesday.

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