| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for AMG Data Services Inc. > News item |
MGM upsizes; Blue Racer prices tight, Ardent wide; funds add $324 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 14 – The domestic high-yield primary market roared back into life on Thursday with $1.91 billion of new paper pricing in four deals.
In Thursday drive-by action, MGM Resorts International sold an upsized $1 billion issue of seven-year senior bullet notes (Ba3/BB-) at par to yield 5¾%.
Blue Racer Midstream LLC priced a $300 million issue of eight-year senior notes (B2/B) at par to yield 6 5/8%.
At the end of a roadshow, Ardent Health Services LLC priced a downsized $475 million offering of 9¾% eight-year senior notes (Caa2/CCC+) at 98.628 to yield 10%.
The domestic and European primary market’s forward calendar also continued to build. Cirsa Gaming Corp. SA started a roadshow on Thursday for a €1.56 billion equivalent three-part offering of seven-year senior secured notes (expected ratings B2/B+) to be sold in dollars and euros.
The uptick in new issue activity comes on the heels of the Federal Reserve’s rate increase and the expectation that it will raise rates twice again before the end of 2018, sources said.
High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall junk market liquidity trends – attracted $324 million of cash in the week to June 13, according to fund-flow 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.