High yield: MidCap, Primo Water price; Morgan Auto on 102-handle; United active

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 21 – The domestic high-yield primary market saw two deals price during Wednesday’s session.

MidCap Financial LLC priced an upsized $875 million issue of seven-year senior notes and Primo Water priced a $750 million issue of eight-year senior notes.

While only two deals priced on Wednesday, the next two sessions promise to be active with the $5.72 billion on the forward calendar expected to price before the week draws to a close.

Meanwhile, the tone in the secondary space improved on Wednesday after a soft start to the week.

While several recent deals fell flat in the aftermarket, Morgan Automotive Group’s 4 7/8% senior notes due 2029 (B2/BB-) traded up to a 102-handle.

Charter Communications, Inc.’s new 4½% senior notes due 2033 (B1/BB) were mildly improved on Wednesday although the notes remained on a par-handle.

While the notes remained off their highs, United Airlines’ recently priced tranches of senior secured bullet notes (Ba1/BB-/BB) improved on Wednesday after trading off following its first-quarter earnings report.

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