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Warner Music, Lions Gate price, gain; Horizon shops deal; Rackspace rises; funds lose $72 million
By Paul Deckelman and Paul A. Harris
New York, Oct. 13 – After several days of inactivity, the high-yield dollar-denominated primary market came back to life on Thursday as a pair of issuers tapped the market with regularly scheduled forward calendar offerings.
Entertainment company Warner Music Group Corp. priced $630 million equivalent of new dollar-and euro-denominated secured paper, including $250 million of eight-year notes in the dollar tranche.
Out of that same sector, Lions Gate Entertainment Corp. did a $520 million offering of eight-year notes.
Traders saw brisk aftermarket dealings in both new deals, with each firming modestly after having priced at par. Lions Gate was, in fact, the day’s Most Active junk issue.
The traders also reported fairly active trading in some of last week’s new issues, including Gulfport Energy Corp. and Concordia International Corp.
Meanwhile drugmaker Horizon Pharma plc hit the road Thursday to market a planned $300 million eight-year offering.
The news that Rackspace Hosting Inc. plans to do a big bond deal as part of the financing of the cloud computing company’s coming buyout by Apollo Global Management LLC helped to push its existing bonds up solidly in busy dealings on expectations those bonds will be taken out.
For the first time in almost a month, statistical market performance measures turned lower across the board on Thursday, after having been mixed over the previous two sessions and higher the day before that.
High-yield mutual funds and exchange-traded funds retreated into negative territory this week, registering a modest net outflow of $72 million.
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