Poindexter, Vallourec upsize; Drax, TopBuild trade up; Sprint gains; funds add $989 million

By Abigail W. Adams and Paul A. Harris

Portland, Me., April 12 – Two new dollar-denominated deals totaling $650 million priced on Thursday in addition to an upsized euro-denominated deal.

J.B. Poindexter & Co., Inc. priced an upsized $350 million issue of eight-year senior notes (expected B2/confirmed BB-) at par to yield 7 1/8% late Thursday.

Drax Group Co. priced a $300 million issue of 7.5-year senior secured notes (BB+//BB+) at par to yield 6 5/8%. The new notes were seen up 1.5 points in secondary market activity.

Meanwhile in the European market, France’s Vallourec SA priced an upsized €400 million issue of 5.5-year senior notes (S&P: B) at par to yield 6 3/8%.

As new paper from Drax traded up in the secondary market, so too did new paper from TopBuild Corp., which priced on Wednesday.

Hilton Worldwide Holdings, Inc.’s newly priced 5 1/8% senior notes due 2026 (Ba2/BB+) also continued to see gains in the secondary market.

Sprint Corp.’s junk bonds were leading the charge in the secondary market’s gains with the issues climbing another point on Thursday.

The notes have seen solid upward momentum since Tuesday when news broke that Sprint was again negotiating with T-Mobile over a potential merger.

Meanwhile high-yield mutual and exchange-traded funds broke three weeks of losses with an inflow of $989 million in the week to Wednesday, according to statistics generated by AMG Data Services Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.