Eight issuers sell $5.92 billion; Eldorado/Caesars megadeal on deck; recent issues up

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 17 – The domestic high-yield primary market saw a massive session on Wednesday with eight issuers pricing and the forward calendar ballooning.

Iron Mountain Inc., Virgin Media Secured Finance plc, Energizer Holdings, Inc., DCP Midstream Operating, LP, Scientific Games Corp., Viasat, Inc. and DPL Inc. all brought deals on Wednesday.

PG&E Corp.’s megadeal is expected to price on Thursday in addition to offerings from Abercrombie & Fitch Management Co. and Radio Systems Corp.

And details surfaced on the $6 billion in junk bonds that will help finance the Eldorado Resorts, Inc. acquisition of Caesars Entertainment Corp., which is expected to price on Friday.

Ford Motor Credit Co. LLC’s 5 1/8% senior notes due 2025 (Ba2/BB+) ‘ripped’ early in Wednesday’s session, although they faded into the close.

EQM Midstream Partners LP’s (Ba3/BB-) two tranches were trading with healthy premiums with the longer duration notes outperforming.

While the notes were trading off their highs, Standard Industries Inc.’s 4 3/8% senior notes due 2030 (Ba2/BBB-) maintained a nominal premium heading into the close.

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