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Junk: Summit Materials, Genesis price; GFL, Pike at a premium; funds add $295.7 million
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Nov. 30 – A pair of issuers raised about $1.39 billion during Thursday’s session in the dollar-denominated high-yield primary market.
Summit Materials, LLC and Summit Materials Finance Corp. priced an $800 million issue of seven-year senior notes (Ba3/BB) at par to yield 7¼%, on top of final yield talk and inside of earlier talk in the 7½% area. Initial guidance was in the high-7% to 8% area.
The deal was heard to be as much as six-times oversubscribed at 7 3/8%, which was the tight end of the official talk prior to its revision, a bond trader said.
The notes broke to par 5/8 bid, par 7/8 offered, the source added.
In drive-by action Genesis Energy, LP and Genesis Energy Finance Corp. priced an upsized $600 million issue (from $550 million) of 8¼% five-year senior notes (B3/B) at 98.961 to yield 8½%.
In the secondary, GFL Environmental Inc.’s new 6¾% senior secured notes due 2031 (Ba3/BB-) maintained the strong gains made on the break in heavy volume.
Pike Corp.’s 8 5/8% senior notes due 2031 (B3/B-) were also trading with a strong premium, although activity in the name settled.
Meanwhile, high-yield mutual funds and exchange-traded funds continued to see inflows with $295.7 million entering the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow.
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