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Tronox prices; Gap, Entegris, MGM struggle; XPO, US Foods flat; Netflix, Expedia move up
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 24 – The domestic high-yield primary market quietly rounded out a blockbuster week that saw more than $12 billion price.
Tronox Inc. was the sole issuer on Friday and priced an upsized $500 million issue of five-year senior secured notes (Ba3/B+).
Meanwhile, new paper was in focus in the secondary space with the influx from Thursday’s session.
However, the paper was either flat or weak in the aftermarket – a combination of tight pricing, a weak day for credit, and “new issue exhaustion,” a source said.
Gap, Inc.’s three tranches of senior secured notes (Ba2/BB), Entegris Inc.’s 4 3/8% senior notes due 2028 (Ba2/BB), and MGM Resorts International’s 6¾% senior notes due 2025 were all lagging their issue prices.
XPO Logistics, Inc.’s 6¼% senior notes due 2025 (Ba3/BB-) and US Foods, Inc.’s 6¼% senior notes due 2025 (B3/BB) were flat.
However, Netflix Inc.’s dollar-denominated tranche, the first issue to price with a 3-handle since volatility sidelined the high-yield market, was trading with a slight premium.
And Expedia Group, Inc.’s two tranches of senior notes (Baa3/BBB) outperformed to close the day on a 101-handle.
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