Olin, Horizon Pharma, Masonite, MTS Systems, Builders price; funds add $619 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 11 – A busy Thursday session in the dollar-denominated primary market saw a handful of issuers price a combined total of $2.28 billion.

Olin Corp. priced a $750 million issue of 10-year senior notes at par to yield 5 5/8% in a drive-by.

Horizon Pharma USA, Inc. priced an upsized $600 million issue of eight-year senior notes at par to yield 5½%.

Masonite International Corp. priced a $500 million issue of 8.5-year senior notes at par to yield 5 3/8% in a quick-to-market Thursday trade.

MTS Systems Corp. priced an upsized $350 million issue of eight-year senior notes at par to yield 5¾%.

Builders FirstSource Inc. priced a $75 million tack-on to its 6¾% senior secured notes due June 1, 2027 at 104.50 to yield 5.673%.

E.W. Scripps set official price talk for its $400 million offering of eight-year senior notes with pricing expected on Friday.

In the secondary space, MTS Systems’ new paper skyrocketed while Masonite’s notes were largely wrapped around par and Olin’s new paper, at times, lagged its issue price.

While activity in Melco Resorts Finance Ltd.’s recently priced 5 5/8% senior notes due 2027 (Ba2/BB) slowed on Thursday, the notes continued their upward momentum.

Meanwhile, high-yield mutual and exchange-traded funds saw their fifth consecutive inflow with $619 million entering the space for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

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