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Live Nation, Alliant, National CineMedia price; Shutterfly trades; Stars Group better
By James McCandless and Paul A. Harris
San Antonio, Oct. 2 – An active Wednesday session saw three high-yield deals price, while the secondary market continued to focus on names making news and newer issues.
Live Nation Entertainment, Inc. priced a $950 million issue of eight-year senior notes at par to yield 4¾%, in a drive-by.
Alliant Holdings Intermediate, LLC priced an upsized $690 million issue of eight-year senior notes at par to yield 6¾%.
National CineMedia, LLC priced a $400 million issue of 8.5-year senior secured notes at par to yield 5 7/8% in a drive-by.
In the secondary, Shutterfly Inc.’s new notes were free to trade, ending in a weaker position.
Meanwhile, gaming name Stars Group Inc.’s issues shot up after the company announced a merger with a competitor.
PG&E Corp.’s paper was in decline as creditors and stockholders clash over the company’s exclusive right to propose a restructuring plan.
United States Steel Corp.’s notes fell after a ratings agency revised its view of the company for the worse.
A recent issue from Telesat Canada continued to see a negative trend.
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