| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Smyrna Ready Mix Concrete LLC > News item |
Trio of drive-by issuers price new junk; Smyrna flat in secondary; Outfront Media rises
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 8 – The junk bond primary market moved nearly $2 billion of new paper from three separate issuers through pricing on Wednesday.
Meanwhile, it was another flat day in the secondary space with the cash bond market firm at the open but leaking into the close, sources said.
As the broader market awaited the next major catalyst for movement, new issues were once again the driving force of activity with the primary market spitting out deals as issuers took advantage of improved market conditions.
Smyrna Ready Mix Concrete, LLC’s 8 7/8% senior secured notes due 2031 (Ba3/BB-/BB-) were flat in heavy volume with the notes trading in a tight range around their issue price.
While Smyrna’s new issue was flat, its outstanding 6% senior secured notes due 2028 moved lower with the latest offering sparking a repricing of the notes.
Outfront Media, Inc.’s 7 3/8% senior secured notes due 2031 (Ba1/BB) added to the strong gains made on the break with the notes closing the day on a 101-handle.
Service Properties Trust’s refinancing deal also sparked activity in the company’s 4.35% senior notes due Oct. 1, 2024 (B2/B+) with the notes making large gains as they traded up to their takeout price.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.