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NorthRiver prices at a discount; Alliant, MGM flat; Gray, Peninsula Pacific at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 9 – The domestic high-yield primary market rounded out the week with one deal pricing.
NorthRiver Midstream Finance LP priced a $525 million issue of 5 5/8% senior secured notes.
Looking forward, Ahead DB Holdings is in the market with a $375 million offering of seven-year first-lien senior secured notes and Rolls-Royce plc is marketing a £1 billion equivalent minimum of senior notes (Ba3), which may include a dollar-denominated tranche.
Meanwhile, the secondary space rounded out a strong week on firm footing.
Peninsula Pacific Entertainment LLC’s 8½% senior notes due November 2027 (Caa1/CCC+) were among the outperformers of recent deals with the notes trading well above their issue price.
Gray Television, Inc.’s 4¾% senior notes due October 2030 (B3/B+/BB-) were also trading with a healthy premium in the aftermarket.
However, the MGM Resorts International 4¾% senior notes due October 2028 (Ba3/BB-) and Alliant Holdings Co-Issuer and Alliant Holdings Intermediate LLC’s 4¼% senior secured notes due 2027 (B2/B) fell flat in active trading.
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