Jacobs prices add-on; Clear Channel on deck; TransDigm weakens; Dun & Bradstreet mixed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 4 – While new deal activity was light on Monday in the high-yield primary market with one small add-on pricing, a hefty new offering joined the forward calendar.

Jacobs Entertainment Inc. priced a $35 million add-on to its 7 7/8% senior secured second-lien notes due Feb. 1, 2024 (B2/B) at 103.25 to yield 6.927%.

Clear Channel Worldwide Holdings Inc. plans to price $2.2 billion of five-year senior subordinated notes (expected ratings Caa1/CCC+) in the coming week.

Meanwhile, Monday marked another strong day for the secondary space with the market up about 1/8 point, a market source said.

While the overall market continued to post gains, TransDigm Inc.’s recently priced senior notes were losing steam on Monday following the pricing of an add-on.

Dun & Bradstreet Corp.’s recently priced senior notes were mixed with the secured tranche dropping below its issue price while the unsecured tranche traded at a premium to it.

Outside of the new paper, Hexion Inc.’s junk bonds were mixed with the first-lien notes posting large gains while the second-lien notes saw large losses.

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