ViaSat, Station, LPL, MGM price in $2 billion session; Toys down again, hospitals off

By Paul Deckelman and Paul A. Harris

New York, Sept. 7– The high-yield primary market revival continued on Thursday, led by a trio of opportunistically timed and quickly shopped drive-by offerings.

Syndicate sources said that gaming operator Station Casinos LLC priced $550 million of 10-year notes while MGM Growth Properties LLC, a real estate investment trust specializing in casino resort properties, rolled the dice with a $350 million 10-year deal.

Away from those gaming-related names, LPL Holdings, Inc., a retail financial adviser, brought a $400 million add-on tranche to its existing 2025 notes.

But the big deal of the day among the fully-junk-rated issues came off the forward calendar, as communications technology company ViaSat, Inc. priced and upsized $700 million of eight-year notes.

Away from those new or recently priced deals, the traders said that Thursday was another tough day for Toys “R” Us, Inc., whose bonds slid for a second straight session on investor fears that the struggling retailer might be eventually headed for the bankruptcy courts, stoked by the news that it had retained a law firm specializing in debt restructurings.

Meanwhile flows of investor cash into or out of high-yield mutual funds and exchange-traded funds improved as $641 million more came into those weekly-reporting-only domestic funds than left them during the week ended Wednesday.

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