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Bausch Health, Century Communities, Charter price; Virgin Media lags; funds lose $212 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 9 – The high-yield new issue market continued to operate at a screaming pace on Thursday, with most of the action appearing at the drive-through window.
Bausch Health Cos Inc. priced $1.5 billion of senior notes in two tranches.
Charter Communications, Inc. priced a downsized $750 million issue of 10-year senior notes.
Century Communities, Inc. priced an upsized $500 million issue of eight-year senior notes.
WillScot Corp. priced a $190 million add-on to the Williams Scotsman International, Inc. 6 7/8% senior secured notes due Aug. 15, 2023.
In the European market, United Group BV is marketing an €856 million two-part offering of high-yield notes with an investor roadshow set to wrap up on Friday.
In the secondary space, Talen Energy Supply LLC’s 7¼% senior notes made gains and MGM China Holdings Ltd.’s newly priced tranches were trading at a large premium to their issue price.
However, DCP Midstream Operating, LP’s 5 1/8% senior notes due 2029 were weakening in active trading.
And Virgin Media Ltd.’s 5½% senior notes due 2029 were, at times, lagging their issue price.
High-yield mutual funds and exchange-traded funds saw an outflow of $212 million for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
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