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Junk: Consolidated Energy, Wynn add-on price; Artera strong; funds add $549.3 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 8 – An active Thursday session in the dollar-denominated high-yield new issue market saw Consolidated Energy Finance SA price an upsized $605 million issue (from $580 million) of seven-year senior notes (B2/BB-/BB-) at par to yield 12%, at the wide end of talk.
The upsize took one trader by surprise. The word in the market was that the Consolidated Energy order book closed with a comparatively modest $900 million of orders, the trader said.
Elsewhere, Wynn Resorts, Ltd. priced a $400 million add-on to the Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 7 1/8% senior bullet notes due Feb. 15, 2031 (B1/BB-/BB-) at 103.00 to yield 6.57% in a Thursday drive-by.
Two companies are poised to place new junk issues on Friday, Ardonagh Group and Amer Sports Co.
In the secondary space, Artera Services, LLC’s 8½% senior secured first-priority notes due 2031 (B3/B-) continued to edge higher after shooting up to a 101-handle on the break.
However, Hillenbrand, Inc.’s 6¼% senior notes due 2029 (Ba1/BB+) fell flat in the aftermarket, and AssuredPartners, Inc.’s 7½% senior notes due 2032 (Caa2/CCC+) gave back their gains on the break to close Thursday wrapped around their issue price.
High-yield mutual funds and exchange-traded funds saw $549.3 million of inflows in the week through Wednesday’s close, according to a market source.
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