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Mauser, Charter price; Martin Midstream on deck; CCO weaker; DISH, Evergreen lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 30 – The January-February crossover week got off to a big start in the high-yield new-issue market with three issuers pricing a combined $4.6 billion amount of junk-rated, dollar-denominated notes.
At the conclusion of its foreshortened roadshow Mauser Packaging Solutions Holding Co. priced a $2.75 billion issue of 7 7/8% 3.5-year senior first lien notes (B2/B) at par, at the tight end of talk, and deep inside of initial guidance.
Charter Communications, Inc. priced an upsized $1.1 billion issue (from $1 billion) of CCO Holdings, LLC and CCO Holdings Capital Corp. 7 3/8% eight-year senior notes (B1/BB-) at par, at the tight end of talk.
And Synchrony Financial priced a $750 million issue of 7¼% 10-year subordinated notes (BB+/BB+) at a 375 basis points spread, on top of spread talk, in a deal that came in a high grade-style execution.
Meanwhile Martin Midstream Partners LP and Martin Midstream Finance Corp. disclosed plans to price a $400 million offering of senior secured second-lien notes due 2028 on Tuesday.
The secondary space saw a heavy start to the week.
CCO Holdings’ new offering sparked activity in its debt stack with its outstanding senior notes slightly weaker on the heels of the new offering.
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