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MGM China, Talen Energy, DCP Midstream, Virgin Media price; new paper in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 8 – Following the busiest session in two-years, the dollar-denominated high-yield primary market was again active on Wednesday with $3.68 million pricing over four deals.
MGM China Holdings Ltd. priced an upsized $1.5 billion of senior notes (Ba3/BB-) in two even tranches.
Virgin Media Ltd. priced $825 million of 10-year senior secured notes (Ba3/BB-/BB+) at par to yield 5½%.
Talen Energy Supply LLC priced an upsized $750 million issue of 7¼% eight-year senior secured notes (S&P: BB).
And DCP Midstream Operating, LP price an upsized $600 million issue of 10-year senior bullet notes (Ba2/BB+/BB+) at par to yield 5 1/8% in a Wednesday drive-by.
The European primary market was also active.
Cirsa Finance International Sarl priced a €390 million issue of six-year senior secured notes (B2/B+).
And UK-based Co-operative Group Ltd. priced an upsized £300 million issue of five-year senior “sustainability” bullet notes.
Meanwhile, the onslaught of new paper that freed for trade over the past two sessions was in focus in the secondary space with most issues putting in a strong performance in the aftermarket.
Springleaf Finance Corp.’s 6 5/8% senior notes due 2028 (Ba3/BB-), Iqvia Inc.’s 5% senior notes due 2027 (Ba3/BB), and Service Corp. International’s 5 1/8% senor notes due 2029 (Ba3/BB) continued to post gains after soaring out of the gate on Tuesday.
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