Univision drives by; Arconic starts roadshow; AMC surges; Rayonier lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 24 – Univision Communications Inc. priced Monday’s sole high-yield deal, a $500 million issue of 8% five-year senior secured notes (B1/B+) that came at par to yield 7.999% in a drive-by.

The yield came right next to the middle of yield talk in the 8% area. Initial guidance was in the low-8% Elsewhere the Arconic Corp. buyout deal, which began being telegraphed to the market late last spring, set out on the high-yield road on Monday, albeit in a somewhat truncated version.

Later this week issuer Arsenal AIC Parent LLC plans to place a $900 million tranche of seven-year senior secured notes (Ba3/B+/BB+) backing the buyout.

With activity surrounding recent issues winding down, topical news was the driver of activity in the space.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) were in the spotlight on Monday, rocketing higher after the company filed a revised stock conversion plan that will enable more equity capital raises.

Rayonier A.M. Products Inc.’s 7 5/8% senior secured notes due 2026 (B2/B) were dragged lower into the close on Monday after a more than 3 point gain the previous session following a new credit agreement.

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