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Freeport-McMoRan, Albertsons, Mattel, iHeart price; Advisor Group skyrockets
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 1 – The domestic high-yield primary market was in full force on Thursday with four issuers pricing five tranches totaling $2.95 billion.
iHeartCommunications, Inc. priced an upsized $750 million issue of 5¾% eight-year senior secured first lien notes (B1/BB-) on Thursday, in a deal that was initially slated for Friday’s business.
Freeport-McMoRan Inc. priced $1.2 billion of senior notes (Ba1/BB/BB+) in two evenly split tranches.
Albertsons priced an upsized $750 million issue of 8.5-year senior guaranteed notes (B3/BB-) at par to yield 5 7/8% in a quick-to-market trade.
Mattel, Inc. priced a $250 million issue of eight-year senior guaranteed notes (B1/BB-) at par to yield 6% in a drive-by.
Meanwhile, the secondary space was volatile on Thursday, beginning the day with a rally only to close the day with a dip.
While the CDX traded off, the cash market held up amid the sell-off in equities with trading activity quieting into the afternoon. People were spooked, a market source said.
While equity markets started the day strong, they sold off after renewed tariff talk from U.S. President Donald Trump.
While the overall market was down, Advisor Group Inc.’s newly priced 10¾% senior notes due 2027 (Caa1/B-) continued to skyrocket in the secondary space with the notes almost 4 points above their issue price.
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