Ford brings $8 billion in three tranches; AMC prices at a discount; Hilton, CDW trade up

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 17 – The domestic high-yield primary market rounded out an active week with a deal that will have a significant impact on the high-yield space.

Ford Motor Co. was the talk of the town on Friday as the fallen angel priced $8 billion of senior notes (expected ratings Ba2/BB+/BBB-) in three bullet tranches.

The demand for the offering was intense, sources said.

AMC Entertainment Holdings, Inc. also priced a $500 million issue at a discount.

Meanwhile, the secondary space closed out the week on firm footing.

Hilton Hotels & Resorts’ two tranches of senior notes (Ba2/BB) were trading up in high-volume activity on Friday.

CDW Corp.’s 4 1/8% senior notes due 2025 (Ba2/BB-) were also trading well above their issue price.

After losing steam over the past two sessions, Spirit AeroSystems, Inc.’s 7½% senior notes due 2025 (Ba2/BB-) rebounded in active trading on Friday.

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