Charter, Clear Channel and MasTec upsize; Wyndham, POWDR trade up; Occidental gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 21 – The domestic high-yield primary market continued to be modestly active on Tuesday with three deals clearing the market.

Charter Communications Inc. priced a massively upsized $1.5 billion add-on to the CCO Holdings LLC/CCO Holdings Capital Corp. 4¼% senior notes due Feb. 1, 2031 (B1/BB).

Clear Channel International BV priced an upsized $375 million issue of five-year senior secured notes (B2/B).

And MasTec, Inc. priced an upsized $600 million issue of eight-year senior notes (Ba3/BB).

Meanwhile, it was another risk-on day in the secondary space with the cash bond market up more than ½ point, sources said.

Wyndham Destinations, Inc.’s newly priced 6 5/8% senior secured notes due 2026 (Ba3/ BB-/BB+) jumped in high-volume activity.

POWDR Corp.’s new 6% senior secured notes due 2025 (B1/B) were also putting in a strong performance.

Occidental Petroleum Corp.’s senior notes were among the benefactors of rising oil prices with the fallen angel’s capital structure up 1 to 2 points.

Eldorado Resorts, Inc.’s 8 1/8% senior notes due 2027 (Caa1/CCC+) saw renewed attention with the notes breaking par following the completion of the gaming company’s acquisition of Caesars Entertainment Corp.

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