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Eldorado/Caesars megadeal prices, heaviest volume week for new issuance in junk history
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 19 – A megadeal from the gaming-entertainment-lodging sector, on Friday, capped the biggest week in the history of the junk bond market.
Colt Merger Sub, Inc. priced $6.2 billion of junk in three tranches backing the acquisition of Caesars Entertainment Corp. by Eldorado Resorts, Inc.
When the dust settled Friday afternoon, $23.38 billion of bonds in 31 junk-rated, dollar-denominated tranches had cleared the market since Monday's open, marking the biggest weekly issuance in dollar amount in the history of the market.
The week ahead also promises to be active with United Airlines, Inc. thought to be making another pass at the market after postponing a prospective offering in April.
Meanwhile, the secondary space was up early in the session, and soft heading into the afternoon, a source said.
As for recent issues, PG&E Corp.’s two tranches of senior notes (B1/BB-/BB) continued to improve in high-volume activity on Friday.
After lagging on Thursday, Iron Mountain Inc.’s three tranches of senior notes (Ba3/BB) improved on Friday with two out of the three tranches closing the day above par.
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