Intelsat, PGT, FS price; Energy Transfer, Tesla gain; funds add $37 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 2 – The domestic primary market hopped back into action on Thursday with three deals pricing.

Intelsat Connect Finance SA was in the spotlight with the pricing of an upsized $1.25 billion issue of 9½% senior notes due Feb. 15, 2023 (Ca/CCC-) at 98.25 to yield 10.004%.

While the new notes did not price until late in the session, Intelsat’s outstanding junk bonds saw another active session on Thursday with some seeing as much as a 1 point gain while others traded sideways.

PGT Innovations, Inc. priced a $315 million issue of eight-year senior notes (B3/B) at par to yield 6 ¾%.

FS Energy priced a $500 million offering of five-year senior secured bullet notes (Ba3/BB-) at 97.973 to yield 8%.

Energy Transfer Equity, LP’s junk bonds were the focus of trading activity on Thursday with the notes gaining more than 2 points after the company announced it would acquire Energy Transfer Partners, LP.

Tesla Inc.’s 5.3% senior notes due 2025 were also on the rise in active trading on Thursday with investors optimistic following the electric car manufacturer’s second-quarter earnings conference call, despite an earnings miss.

Meanwhile, high-yield mutual funds and exchange-traded funds saw inflows of $37 million in the week ending at market close Aug. 1, according to the weekly Lipper US Fund Flows report.

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