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Rent-A-Center outperforms; Victra, Full House Resorts, Danaos soar; deals ready for Monday
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Feb. 5 – It was a quiet day in the high-yield primary market with Great Western Petroleum, LLC revised over the day, but final details unavailable at press time.
Even though it was a calm end to the week, there is already announced expected business in the week ahead.
Meanwhile, the secondary space rounded out a strong week on firm footing.
The overall space was well-bid with buyers flocking back to risk assets on the heels of positive earnings reports and the anticipated federal stimulus package, sources said.
Credit spreads tightened with CCC credits the outperformers, according to a BofA Global Research Report.
New paper continued to dominate the tape with the deals to price during Thursday’s session soaring.
Rent-A-Center, Inc.’s 6 3/8% senior notes due 2029 (B2/B) jumped to a 104-handle in active trading.
While the issues were small, Danaos Corp.’s 8½% senior notes due 2028 (Caa1/B) and Full House Resorts, Inc.’s 8½% senior notes due 2028 (Caa1/B-) were active with both more than 2 points above their issue prices.
The issues were part of a growing trend of CCC-credits that are tapping the high-yield market with the risk-on sentiment strong among investors.
LSF9 Atlantis Holdings, LLC and Victra Finance Corp.’s (Victra) 7¾% senior notes due 2026 (B2/B/B+) were also more than 2 points above their issue price.
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