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Citgo, Midcontinent Communications, Global Partners price; JBS holds premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 24 – The domestic high-yield primary market saw another active day on Wednesday with three deals clearing the market.
Citgo Holding, Inc. priced a $1.37 billion issue of five-year senior secured notes (Caa1/B/B+) at par to yield 9¼%.
Global Partners LP priced a $400 million issue of eight-year senior notes (B2/B+) at par to yield 7%.
In a drive-by, Midcontinent Communications and Midcontinent Finance Corp. priced an upsized $350 million issue of eight-year senior notes (B3/B) at par to yield 5 3/8%.
While the market was active on Wednesday, activity is expected to thin heading into a late July earnings blackout period, a market source said.
Meanwhile, it was slow and steady in the secondary space with the new issues occupying the majority of the market’s focus.
Global Partners’ new notes skyrocketed out of the gate.
JBS USA Lux SA’s newly priced 5½% senior notes due 2030 (Ba3/BB-) were holding onto their premium in high-volume activity on Wednesday.
Sprint Corp.’s junk bonds were once again active and posting gains as details of T-Mobile’s and Sprint’s divestiture deal with DISH Network Corp. emerged.
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