Netflix prices, trades up; Teekay starts roadshow; Entercom jumps; PG&E, Anadarko gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 24 – One name dominated attention in the domestic high-yield primary and secondary market on Wednesday – Netflix, Inc.

Netflix priced an upsized $2.24 billion equivalent amount of 10.5-year senior bullet notes (Ba3/BB-) in two tranches on Wednesday.

While Netflix’s new notes dominated activity after breaking for trade, the company’s outstanding issues continued to gain.

Thursday also promises to be an active session for the primary market with offerings for Adient US LLC, Brookfield Property REIT Inc., Moss Creek Resources Holdings, Inc. and Truck Hero, Inc. on deck as possible business.

In other primary market news, Teekay Corp. joined the active forward calendar and began marketing a $300 million offering of five-year senior secured notes.

Meanwhile, new paper remained in focus in the secondary space.

Entercom Media Corp.’s newly priced 6½% senior notes due 2027 were making large gains in active trading on Wednesday.

Outside of the new paper, Pacific Gas & Electric’s senior notes continued to see high-volume activity with the notes again on the rise after filing for a rate increase.

Anadarko Petroleum Corp.’s split-rated 6.6% senior notes due 2046 (Ba1/BBB) also continued to rise after receiving a competing bid from Occidental Petroleum that trumped Chevron’s previous buyout offer.

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