Wynn Macau, Calpine, Wyndham Destinations, Enviva and Entercom add-ons price

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 10 – In another busy session for the domestic high-yield primary market, three new deals and two add-ons priced a cumulative $2.75 billion on Tuesday.

In drive-by action, Calpine Corp. priced an upsized $1.25 billion issue of eight-year senior secured notes.

Entercom Communications Corp. price a $100 million add-on to the Entercom Media Corp. 6½% senior secured second-lien notes due May 1, 2027.

And Enviva Partners, LP and Enviva Partners Finance Corp. priced a $50 million add-on to their 6½% senior notes due Jan. 15, 2026 (B1/B+/BB-).

Two deals also cleared the forward calendar. Wynn Macau, Ltd. priced a $1 billion issue of 10-year senior notes (B1/BB-).

Wyndham Destinations Inc. priced an upsized $350 million issue of 10.5-year senior secured bullet notes (Ba2/BB-).

Meanwhile, new paper was in focus in the secondary space with several of the issues to price during Monday’s session putting in strong performances.

GFL Environmental Inc.’s 5 1/8% senior notes due 2026 (B1/B+) were the outperformers in the secondary space with the notes trading up to 4 points above issue.

CenturyLink, Inc.’s 5 1/8% senior notes due 2026 (B2/B+/BB) and Credit Acceptance Corp.’s 5 1/8% senior notes due 2024 (Ba3/BB) were trading 1 to 2 points above their issue price.

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