CommScope prices; American Airlines, United Mileage on deck; Eldorado/Caesars notes in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 22 – While the domestic high-yield primary market only saw one deal price during Monday’s session, the stage is set for a busy week.

CommScope, Inc. priced a $700 million issue of eight-year senior notes (B3/B-) in a Monday drive-by.

American Airlines, Inc. is on deck with a $1.5 billion offering of five-year senior secured bullet notes (expected ratings Ba3/B+/BB-), which is expected on Wednesday.

And United Mileage Plus is set to refinance its $5 billion bridge loan with the refinancing expected to include at least $2 billion in junk.

The European primary market was also active with Ardonagh Midco 2 plc, ams AG, Engineering and Profine Group marketing offerings.

Meanwhile, it was a quiet Monday in the secondary space with the trading volume light and the market largely unchanged, sources said.

New issues continued to dominate the tape with Colt Merger Sub, Inc.’s three-tranche megadeal backing the acquisition of Caesars Entertainment Corp. by Eldorado Resorts, Inc. in focus.

The tranches had mixed performances with the secured notes trading with a premium while the unsecured notes fell flat.

CommScope’s outstanding 5˝% notes due 2024 jumped in active trading on Monday with proceeds from the company’s new offering to be used to take the notes out.

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