Junk: Delek Logistics flat; Chemours falls on accounting probe; funds down $448.8 million

By Abigail W. Adams and Paul A. Harris

Portland, Me., Feb. 29 – The dollar-denominated high-yield new issue market remained sidelined on Thursday.

The active forward calendar contains just one deal: Clear Channel Outdoor Holdings, Inc. is marketing $865 million of six-year senior secured notes (B1/B) with initial guidance of 8¼% to 8½%.

It is heard to be playing to $1.6 billion of demand, with the roadshow expected to wrap up Monday, a trader said.

In the secondary space, it was a flat day on Thursday with the highly anticipated Personal Consumption Expenditure report a non-event.

Delek Logistics Partners, LP/Delek Logistics Finance Corp.’s 8 5/8% senior notes due 2029 (B3/BB-/BB-) became the latest new deal to fall largely flat in the aftermarket.

Chemours Co.’s senior notes (B1/BB) saw heavy selling pressure after news broke that the company placed its CEO and CFO on leave and was conducting an accounting probe.

Everi Holdings, Inc.’s 5% senior notes due 2029 (B3/B+) jumped following news the company would acquire International Game Technology plc’s Global Gaming and PlayDigital businesses.

Meanwhile, high-yield mutual funds and exchange-traded funds saw their second outflow of 2024 with $448.8 million leaving the space in the week through Wednesday’s close.

Funds have only seen two outflows in 2024 with the first outflow of $88.8 million occurring the week ending Feb. 14.

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