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Radian, Renal Care price; MCC for Friday; Nexstar on tap; Harsco, Cumulus, Outfront in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 13 – The domestic high-yield primary market continued its active pace on Thursday with two deals pricing.
U.S. Renal Care, Inc. priced a $505 million issue of 10 5/8% eight-year senior notes at par to yield 10.622%.
In drive-by action, Radian Group Inc. priced an upsized $450 million issue of senior bullet notes due March 15, 2027 at par to yield 4 7/8%.
Multi-Color Corp. is expected to price its $1.39 billion two-part offering on Friday when PGS ASA (Petroleum Geo-Services ASA) may also price its $150 million offering of senior secured second-lien notes due January 2025.
The forward calendar also grew with Nexstar Broadcasting, Inc. kicking off a $1.12 billion offering of eight-year senior notes.
Meanwhile, in the secondary space, Harsco Corp.’s 5¾% senior notes due 2027 were coming in from their highs after breaking for trade on Wednesday.
Cumulus Media New Holdings Inc.’s 6¾% senior notes due 2026 were also slightly weaker on Thursday while maintaining a solid premium.
Outfront Media Capital LLC’s newly priced 5% senior notes due 2027 were volatile on Thursday, starting the day down but closing with slight gains.
While focus remained on the new paper, Hertz Global Holdings, Inc.’s capital structure jumped on Thursday on news that it planned to refinance its junk bonds maturing in 2020 and 2021.
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