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Lamar Advertising, Hilcorp price; Urban One on deck; Realogy soars; Crestwood active
By Abigail W. Adams and Paul A. Harris
Portland, Me., Jan. 7 – Two issuers raised a total of $1.75 billion in a combined three tranches of junk on Thursday.
Hilcorp Energy I, LP priced an upsized $1.2 billion two-tranche offering and Lamar Advertising Co. priced a $550 million issue of 10-year senior notes (B1/BB-).
One deal remains on the forward calendar.
Urban One, Inc. is slated to price an $825 million offering of seven-year senior secured notes on Friday.
Meanwhile, the secondary space was firm on Thursday with the cash bond market up about ¼ point as equities broached fresh heights and crude oil futures extended their rally following the successful confirmation of president-elect Joseph Biden’s victory.
New paper remained in focus with recent deals continuing to perform well.
Realogy Holdings Corp.’s 5¾% senior notes due 2029 (Caa1/B-) traded up to a 102-handle in high-volume activity.
While Crestwood Midstream Partners LP’s 6% senior notes due 2028 (B1/BB-) did not reach the same heights, the notes were trading at a premium to their issue price.
Outside of recent issues, United States Steel Corp.’s 6¼% senior notes due 2026 were active with the notes on the rise due to the political victory of the Democrats.
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