MGM China, Watco price; Wynn Macau on deck; Delta sells off; Level 3 lags; GrubHub gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 11 – The domestic high-yield primary market continued to churn out new issues on Thursday despite a dramatic deterioration in market conditions.

MGM China Holdings Ltd. and Watco Cos., LLC and its wholly owned subsidiary, Watco Finance Corp., each priced a $500 million issue during Thursday’s session.

One deal remains on the forward calendar. Wynn Macau Ltd. is expected to price a $750 million offering before the week draws to a close.

Meanwhile, it was a brutal day in the secondary space.

Delta Air Lines Inc.’s new 7 3/8% senior notes due 2026 (Baa3/BB/BB+) dropped several points below their issue price in high-volume activity in the secondary space.

CenturyLink Inc. subsidiary Level 3 Financing Inc.’s 4¼% senior notes due 2028 were also lagging although volume for the large issue was light.

While the overall market was down on Thursday, Grubhub Inc.’s 5½% senior notes due 2027 jumped in active trading on acquisition news.

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