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Sprint, PTC price; QVC trades up; Dealer Tire level; VICI active; Tesla gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 30 – The domestic high-yield primary market had another active session on Thursday with two $1 billion offerings pricing.
PTC priced an upsized $1 billion amount of senior notes (Ba3/BB-) in two tranches.
And Sprint Corp. priced a $1 billion issue of 7¼% eight-year senior guaranteed bullet notes (B1/B+/BB) at a discount.
Friday also promises to be busy with Advisor Group Inc.’s $575 million offering of eight-year senior secured notes (B/B+) and Castle US Holding Corp. (Cision)’s $300 million offering of eight-year senior notes (Caa2/CCC) on deck.
Meanwhile, in the secondary space, recent issues were in focus with QVC, Inc.’s split-rated 4¾% notes due 2027 (existing ratings Ba2/BBB-/BBB-) active and trading at a large premium in the secondary space.
Following the high volume seen in the previous session, activity surrounding Dealer Tire LLC’s 8% senior notes due 2028 (Caa1/CCC) tempered on Thursday, but maintained their large premium.
Among recent issues, VICI Properties LP and VICI Note Co. Inc.’s 4 1/8% senior notes due 2030 (Ba3/BB/BB) remained active with the notes returning to a 101 handle.
Outside of the new paper, Tesla Inc.’s 5.3% senior notes due 2025 were on the rise following a blowout earnings report.
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