Primary marks record new deal volume of 2019, prices $6.73 billion; funds add $573 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 18 – The domestic high-yield primary market saw its largest day for new deal volume year to date with five issuers pricing $6.73 billion over five tranches.

Sinclair Broadcast Group Inc. was responsible for the bulk of the volume and priced its $4,875,000,000 two-tranche offering on Thursday.

Acrisure, LLC, Ithaca Energy Ltd., Hertz Corp., Taylor Morrison Communities, Inc. all priced new deals.

The new deal activity will continue into Friday’s session with Trivium Packaging Finance BV set to price its $2.85 billon equivalent four-part offering.

Citgo Holding, Inc. (Caa1/B-/CCC+) plans to start a roadshow for a $1.37 billion offering of five-year senior secured notes on Monday.

Meanwhile, the secondary space was soft on Thursday with the overall market down ¼ point as energy names sold off alongside crude oil futures, sources said.

Meanwhile, the streak of inflows continued with high-yield mutual funds and exchange-traded funds adding $573 million for the week ended Wednesday.

The inflow marks the sixth consecutive week of inflows.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.