iHeart, Boyd, Mattel, MSCI add-on price; Prestige Brands trades up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 18 – The Monday session saw four issuers raise $2.6 billion in a news heavy primary market session that set the week on a trajectory to be the biggest volume week of 2019.

Boyd Gaming Corp. priced an upsized $1 billion issue of eight-year senior notes (B3/B+).

Mattel, Inc. priced a $600 million issue of 5 7/8% eight-year senior guaranteed notes (B1/BB-).

iHeartCommunications, Inc. priced a $500 million issue of eight-year senior secured notes (B1/BB-).

And MSCI Inc. priced an upsized $500 million add-on to its 4% senior notes due Nov. 15, 2029 (existing ratings Ba2/BB+).

The fast pace is expected to continue throughout the week with Teva Pharmaceutical Industries set to price an upsized $2 billion two-part dual-currency offering on Tuesday.

Kaiser Aluminum Corp., VICI Properties Inc., Aveanna Healthcare LLC and Telesat Canada also joined an active calendar with $13 billion being marketed.

Meanwhile, the secondary space was again largely flat.

Prestige Brands, Inc.’s newly priced 5 1/8% senior notes due 2027 (B3/B+) jumped in the aftermarket with the notes trading at a large premium to their issue price.

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