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Lumen, Precision Drilling in junk primary; Switch, Cinemark, GFL up; Indigo, Southwestern gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 2 – Two deals cleared the domestic high-yield primary market on Wednesday.
Lumen Technologies priced $1 billion eight-year senior notes and Precision Drilling priced $400 million eight-year senior notes at a discount.
CareTrust REIT, Inc.’s offering of seven-year bullet notes remains the sole deal on the forward calendar with pricing expected on Thursday.
Meanwhile, the secondary space was quiet yet firm on Wednesday, a source said.
While recent issues dominated the tape, it was the energy sector that outperformed as crude oil futures continued their upward momentum.
Cinemark USA Inc.’s recently priced 5¼% senior notes due 2028 (Caa1/B/B), Switch Ltd.’s 4 1/8% senior notes due 2029 (B1/BB), and GFL Environmental Inc. 4¾% senior notes due 2029 (B3/B-) were all trading at solid premiums to their issue price in high-volume activity.
Crude oil futures continued to climb on Wednesday with several exploration and production companies bid up in kind. However, it was natural gas companies that were the major gainers during the session.
Southwestern Energy Co.’s 8 3/8% senior notes due 2028 (Ba3/BB-) and Indigo Natural Resources LLC’s 5 3/8% senior notes due 2029 rose 2 points after Southwestern announced it would acquire Indigo in a $2.7 billion transaction.
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