Clear Channel, USA Compression, Cleveland-Cliffs price; calendar balloons; Spirit Aero gains continue

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 4 – A news-heavy session in the Monday high-yield primary market saw three issuers combine to raise $2.69 billion.

USA Compression Partners, LP and USA Compression Finance Corp. priced a $1 billion issue of five-year senior notes (B2/B+/BB), Clear Channel Outdoor Holdings, Inc. priced an $865 million issue of six-year senior secured notes (B1/B), and Cleveland-Cliffs Inc. priced an upsized $825 million issue of eight-year senior guaranteed notes (Ba3/BB-/BB-).

The calendar almost ballooned with Rithm Capital Corp., New Fortress Energy Inc., CoreCivic, Inc., and Xerox Holdings Corp. announcing offerings.

Meanwhile, it was a flat day in the secondary space with the cash bond market either side of unchanged.

Market focus was firmly on new issuance.

However, topical news continued to spark movement in outstanding issues.

Spirit AeroSystems Inc.’s senior notes continued their upward momentum after soaring on Friday after news broke Boeing Co. was in talks to acquire the aerostructure manufacturer.

E.W. Scripps Co.'s senior notes were trading higher after the company announced a leadership change.

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