Junk: Advanced Drainage prices; Ardagh outperforms; Builders, Tenet, Kinetik up slightly

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 2 – The domestic high-yield primary market saw one drive-by deal clear during Thursday’s session.

In a heavily oversubscribed offering, Advanced Drainage Systems priced a $500 million issue of eight-year senior notes (Ba2/B+).

Meanwhile, the secondary space was flat on Thursday on the heels of a minor pullback the previous session from last week’s strong rally.

New issues dominated the tape. While all deals to price during Wednesday’s session were holding slight premiums in high-volume activity, Ardagh Metal Packaging’s 6% senior secured green notes due 2027 (Ba2/BB/BB) were the only notes to break above a par-handle.

Tenet Healthcare Corp.’s 6 1/8% senior secured notes due 2030 (B1/BB-/BB-), Kinetik Holdings LP’s 5 7/8% sustainability-linked senior notes due 2030 (Ba1/BB+/BB+), and Builders FirstSource, Inc.’s 6 3/8% senior notes due 2032 (Ba2/BB-) were trading with slight premiums to their issue prices.

Meanwhile, inflows were strong over the past week with exchange-traded and mutual funds adding $4.77 billion in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows report.

© 2015 Prospect News.
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