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Morning Commentary: Junk issuers flood primary; Tegna, iStar, Level 3, KeHE, Wynn on tap
By Cristal Cody
Tupelo, Miss., Sept. 11 – High-yield bond issuers continued to pour into the primary market on Wednesday with at least seven deals being marketed.
Tegna Inc. is on deck to price a $900 million offering of 10-year senior notes during the session. Initial price talk is in the 5% to 5¼% area.
iStar Inc. also expects to price $675 million of five-year senior notes on Wednesday that are initially talked to print in the high 4% area.
Level 3 Financing Inc. is offering $500 million of senior notes due 2027 with initial price talk in the 4½% area.
In addition, Core & Main Holdings LP plans to sell $400 million of five-year PIK toggle notes.
KeHE Distributors LLC also is expected to be in the primary market on Wednesday with a $200 million offering of senior secured second-lien notes due 2026 that was initially talked to price in the mid to high 8% yield area.
Meanwhile early Wednesday, Installed Building Products, Inc. launched an offering of $300 million of 10-year senior notes.
Wynn Resorts Finance LLC and subsidiary Wynn Resorts Capital Corp. also announced plans to price $750 million of 10-year guaranteed senior notes.
The notes are being issued as part of a debt financing package that includes a new $1 billion first-lien term loan A facility and an $850 million new revolving first-lien credit facility.
Junk bond issuers have priced more than $6 billion of bonds week to date.
Coming up on Thursday, Patrick Industries, Inc. is set to bring a $300 million offering of senior notes due 2027 to the primary market. The notes are initially talked to price in the mid-to-high 7% yield area.
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