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Gogo, Natural Resource, Melco, Vizient price; Vizient trades up; Sprint under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 17 – The domestic high-yield primary market saw an active session on Wednesday with the forward calendar clearing prior to the holiday weekend.
Gogo Inc. priced a $905 million issue of 9 7/8% five-year senior secured notes (B3/CCC+) at 99.512 to yield 10%.
Natural Resource Partners LP priced an upsized $300 million issue of six-year senior notes (Caa1/BB-) at par to yield 9 1/8%.
Melco Resorts & Entertainment Ltd. priced a $500 million issue of senior notes due 2026 (Ba2/BB) at par to yield 5¼%.
And Vizient, Inc. priced a $300 million issue of eight-year senior notes (B3/existing B-) at par to yield 6¼%.
With new paper from Vizient breaking for trade in the early afternoon, the new paper dominated activity in the secondary space and soared above its issue price.
Meanwhile, HCA Healthcare Inc.’s senior notes slid in high-volume activity with investors expressing fear over growing traction for Medicare-for-all proposals.
Sprint Corp.’s junk bonds were also under pressure following media reports the merger with T-Mobile was in jeopardy.
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