USI notes, Griffin Global add-on price; DISH rockets higher; funds add $758.7 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 14 – A pair of speculative-grade drive-by issuers priced a combined $920 million face amount of junk on Thursday.

Both issues were unsecured.

USI Inc. priced a $620 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 7½%, at the tight end of talk and well inside of initial guidance.

Griffin Global Asset Management Holdings, Ltd. priced an upsized $300 million add-on (from $100 million) to the GGAM Finance Ltd. 8% senior bullet notes due June 15, 2027 at 101 to yield 7.64%.

The price came at the rich end of the 100.75 to 101 price talk. Early guidance was 100 to 100.5.

Meanwhile, the secondary space continued to shoot higher on Thursday as Treasury yields continued their descent with post-Fed market exuberance extending for another session.

DISH Network Corp.’s senior notes continued to rocket higher after the strong gains the previous session with the market expecting the imminent completion of the company’s merger with EchoStar.

Community Health Systems, Inc.’s recently priced 10 7/8% senior secured notes due 2032 (Caa1/B-/B+) made large gains in heavy volume with the once struggling notes closing the day on a 102-handle.

Inflows continued to flood the market with high-yield mutual funds and exchange-traded funds adding $758.7 million in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.

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