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TransDigm, Midwest Gaming price; calendar balloons; Michaels holds premium; CEC gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 12 – The April 12 week got off to a torrent of headlines in the high-yield primary market.
The session saw a pair of $750 million drive-by deals both ending up with 4 7/8% prints.
Midwest Gaming priced a $750 million issue of 4 7/8% eight-year senior secured notes (B3/B+) at par, in the middle of talk.
Elsewhere a familiar name on the high-yield landscape, TransDigm Inc., priced a $750 million issue of 4 7/8% eight-year senior subordinated notes (B3/B-) at par, at the wide end of talk.
Meanwhile, the secondary space was slightly weaker on Monday, a source said.
However, focus remained on new issues, which continued to perform well.
While activity in the name died down, Michaels Cos., Inc.’s two tranches of senior notes held onto the premiums gained in active trading on Friday.
CEC Entertainment LLC’s 6¾% senior secured notes due 2026 (Caa1/CCC) continued to gain with the notes moving up to a 101-handle.
Outside of new issues, TransDigm’s 6¼% senior notes due 2026 were active although little changed as holders rotated into the company’s latest offering.
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