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Mileage Plus, Ardonagh, Meredith price; Occidental on deck; AA lags; DISH at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 25 – The domestic high-yield primary market continued to churn out new deals on Thursday with single-month issuance topping $50 billion for the first time in history.
United Mileage Plus led new deal activity with an upsized $3.8 billion issue of seven-year senior secured amortizing notes (Baa3//BBB-).
Thursday’s session also saw Meredith Corp. price a $300 million issue (Ba3/BB-) and Ardonagh Midco 2 plc price a $500 million issue of PIK toggle notes (//CCC).
Meanwhile, in a volatile secondary space, American Airlines, Inc.’s 11¾% senior secured notes due 2025 (Ba3/B+/BB-) were in focus with the notes trading well below their discounted issue price.
DISH Network Corp.’s 7 3/8% senior notes due 2028 (B1/B-) were also in focus with the notes trading with a nominal premium.
As the primary market prepped a new offering from Meredith, the company’s outstanding 6 7/8% notes due 2026 traded off in high-volume activity.
Meanwhile, high-yield mutual and exchange-traded funds had their first negative outflow since mid-March with $88 million leaving the space in the week through Wednesday’s close.
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