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TitleMax, Graham, Atotech, Tervita price; Talen rises; PHI eyed; funds add $261 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 24 – The domestic high-yield primary market was active on Thursday with $1.4 billion pricing over four deals.
TMX Finance LLC, formerly known as TitleMax, priced a $450 million issue of five-year senior secured notes at par to yield 11 1/8%.
Graham Holdings Co. priced $400 million of eight-year senior notes at par to yield 5¾%.
Atotech BV sold a $300 million issue of five-year senior PIK toggle notes at 99.01 to yield 9%.
Tervita Corp. priced a $250 million add-on to its 7 5/8% senior secured notes due Dec. 1, 2021 at 100.5 to yield 7.46%.
While TitleMax and Graham Holdings were the most active of the new deals in the secondary space, all of Thursday’s deals were seen trading above their issue prices.
PHI, Inc.’s 5¼% senior notes due 2019 have seen high volume trading the past two days on speculation the company may attempt to refinance the bond, a market source said.
Talen Energy Corp.’s junk bonds have been making gains with the 9½% senior notes due 2022 now trading above par for the first time since mid-March.
High-yield mutual funds and exchange-traded funds gained $261 million of cash in the week to May 23, an inflow that followed two larger losses, according to fund-flow statistics generated by AMG Data Services Inc.
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