Altice, Lions Gate price; D&B on tap; Transocean up; PG&E jumps; funds lose $264 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 24 – For the third consecutive session, the high yield drive-through window served multiple issuers on Thursday.

Altice USA Inc. priced an upsized $1.5 billion issue of 10-year senior guaranteed notes (Ba2/BB-) at par to yield 6½%.

Lions Gate Capital Holdings LLC priced an upsized $550 million issue of five-year senior notes (B2/B) at par to yield 6 3/8%.

The forward calendar also grew with Dun & Bradstreet Corp. planning to start a roadshow on Friday for a $1.35 billion two-part offering of high yield notes.

Meanwhile, the recently priced new paper from the past week remained active in the secondary space.

Transocean Poseidon Ltd.’s 6 7/8% senior notes due 2027 (B1/B+) were trading sharply above their issue price.

Tenet Healthcare Corp.’s 6¼% senior notes due 2027, MGM Growth Properties LLC’s 5¾% senior notes due 2027, Albertsons Cos., Inc.’s 7½% senior notes due 2026 and Vistra Energy Corp.’s 5 5/8% senior notes due 2027 (Ba3/BB) were all wrapped around par in secondary trading.

Outside of the new paper, Pacific Gas & Electric Co.’s senior notes were back in focus in the secondary space Meanwhile, high-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw outflows of $264 million for the week ended Jan. 23, according to fund-flow statistics generated by AMG Data Services Inc.

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