SS&C Technologies, Endo price; Amkor, Ashton Woods trade up; funds add $1.04 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 14 – The domestic high-yield market was active on Thursday with two drive-by deals pricing and the forward calendar growing.

SS&C Technologies, Inc. priced a massively upsized $2 billion issue of 8.5-year senior notes (B2/B+) at par to yield 5˝%.

Endo International plc subsidiary Par Pharmaceutical Cos., Inc. priced an upsized $1.5 billion issue of eight-year senior secured notes (Ba3/B+) at par to yield 7˝%.

However, all eyes will be on Friday’s session when Power Solutions’ megadeal is slated to price. However, the senior notes offering was downsized to $3.7 billion equivalent from $4.7 billion equivalent with proceeds shifted to the concurrent term loan.

While the primary market was active preparing new deals in the pipeline, volume was light in the secondary space which remained firm, sources said.

Amkor Technology, Inc.’s 6 5/8% senior notes due 2027 and Ashton Woods USA LLC’s 9 7/8% senior notes due 2027 were putting in a strong performance in the secondary space with both trading at a large premium to their issue price.

Meanwhile, high-yield mutual funds and exchange-traded saw inflows of $1.04 billion for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

The inflow follows an outflow of $1.91 billion for the week ended March 6, which was the first outflow in six weeks.

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