Gray Television, Dubai price; McDermott rebounds; Newfield jumps; funds lose $1.04 billion

By Abigail W. Adams

Portland, Me., Nov. 1 – The domestic primary market saw an uptick in activity on Thursday with two deals pricing as market conditions improved.

In drive-by action, Gray Television Inc. priced an upsized $750 million in long eight-year senior notes at par to yield 7%. In a reversal of a previous trend, a concurrent term loan was downsized with proceeds shifted to the senior notes offering.

Dubai Aerospace Enterprise Funding LLC priced a downsized $1 billion two-tranche offering of three-year and five-year senior notes. The deal was largely marketed to high-yield investors.

HC2 Holdings, Inc. remains in the market with its $535 million offering of senior secured notes, although there were no updates on pricing as of press time.

Victoria plc remains in the market with its €450 million offering of five-year notes.

Meanwhile, the secondary space was active as investors continued to digest earnings announcements and company news.

McDermott International Inc.’s 10 5/8% senior notes due 2024 remained the most actively traded issue in the secondary space with the notes rebounding slightly after a 10-point plunge on Wednesday.

Newfield Exploration Co.’s junk bonds jumped on Thursday after Encana Corp. announced it would acquire the shale oil producer.

Meanwhile, high-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw $1.043 billion in outflows for the week ended Oct. 31, according to fund-flow statistics generated by AMG Data Services Inc.

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