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Spirit Airlines prices, flies high in secondary; Tenet trades up; Macy’s gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 2 – The domestic high-yield primary market cleared the forward calendar on Wednesday with the one deal that was in the market.
In a heavily oversubscribed offering, Spirit Airlines, Inc. priced an upsized $850 million of 8% five-year first-lien senior secured notes (Ba3//BB+) at a discount.
The new paper dominated activity in the secondary space with the notes skyrocketing in high-volume activity.
It was another firm day for the secondary with recent issues jumpstarting trading activity.
Tenet Healthcare Corp.’s newly priced 6 1/8% senior notes due 2028 (Caa1/CCC+/B) were also active with the notes gaining strength after a lackluster break.
Macy’s, Inc.’s senior notes were among the major gainers of Wednesday’s session with the notes up 2 to 4 points after the department store chain reported better-than-expected earnings.
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