Realogy, MGM upsize; Cable & Wireless prices add-on; Darling on tap; Allison in focus

By Abigail W. Adams and Paul A. Harris

Portland, Me., March 27 – The domestic high-yield primary market saw an active session with two upsized offerings and an upsized add-on pricing.

MGM Resorts International doubled the size of its drive-by offering of eight-year senior notes (existing ratings Ba3/BB-) to $1 billion and priced the notes at par to yield 5½%.

Realogy Group LLC priced an upsized $550 million issue of eight-year senior notes (B2) at par to yield 9 3/8%.

Cable & Wireless Communications plc priced an upsized $300 million fungible add-on to the C&W Senior Financing Designated Activity Co. 6 7/8% senior notes due 2027 (B2/BB-/BB-) at 99.205 to yield 7%.

One more deal also joined the forward calendar.

Darling Ingredients Inc. plans to price a $500 million offering of eight-year senior notes (expected ratings Ba3/BB+) during Thursday’s session.

Meanwhile, the secondary space was largely unchanged on Wednesday after firming during the previous session.

Allison Transmission, Inc.’s newly priced 5 7/8% senior notes due 2029 (Ba3//BB) were putting in a strong performance in the secondary space.

Pacific Gas & Electric’s 6.05% senior notes due 2034 jumped in high-volume activity following court approval of bankruptcy financing.

CBL & Associates Properties junk bonds tanked on Wednesday following the settlement of a class action lawsuit and news it would suspend dividend payments.

© 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.