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Junk: Univision, Acuris price; Renewable Energy, Cabinetworks, Herbalife at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 7 – The domestic high-yield primary market continued to churn out deals on Friday.
Univision Communications Inc. priced a $1.05 billion issue of eight-year senior secured notes (B1/B+) and Acuris Finance Sarl priced a $350 million issue of seven-year senior secured notes (B2/B).
The week ahead will begin with a modest forward calendar.
Meanwhile, the secondary space closed Friday on firm footing with the market largely unchanged at the opening but gaining strength as the session progressed.
Several recent deals were putting in strong performances in the secondary space.
After a lackluster break, Herbalife International, Inc.’s 4 7/8% senior notes due 2029 (B1/BB-) gained momentum as Friday’s session progressed with the notes closing the day wrapped around 101.
Victors Merger Corp.’s (Cabinetworks) 6 3/8% senior notes due 2029 (Caa1/CCC+) were also trading at a large premium to their issue price despite their low credit ratings.
Renewable Energy Group Inc.’s 5 7/8% senior secured notes due 2028 (B2/BB) outperformed with the notes rocketing up to a 103-handle.
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