LPL Financial plans notes; new notes trade; PG&E continues upward; Frontier varies

By James McCandless and Paul A. Harris

San Antonio, Oct. 30 – The overall quiet high-yield primary market heard one issuer announce plans for new notes on Wednesday as the secondary market continued to focus on new issues amid shifts in the utilities and telecom spaces.

LPL Financial Holdings Inc. announced that it intends to sell $400 million of senior notes due 2027.

The notes are part of a debt refinancing effort that also includes a $1.07 billion seven-year term loan set to kick off at a Thursday lender meeting.

New notes from TransDigm Inc., BBA Aviation plc and Royal Bank of Scotland Group plc were active after freeing to trade.

Meanwhile, PG&E Corp.’s issues moved higher, further pushing away from recent lows as a Northern California wildfire weakens.

Telecom name Frontier Communications Corp.’s paper varied amid news that a hedge fund is pushing the company to file for bankruptcy.

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