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Home Point prices; Melco Resorts, CP Atlas add on; Vector, CrowdStrike surge
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 13 – The domestic high-yield primary market saw one new offering and two add-ons price during Wednesday’s session.
Home Point Capital Inc. priced an upsized $550 million issue of five-year senior notes (B2/B).
Melco Resorts & Entertainment Ltd. priced a $250 million add-on to the Melco Resorts Finance Ltd. 5 3/8% senior notes due Dec. 4, 2029 (Ba2/BB).
And CP Atlas Buyer, Inc., also known as American Bath Group LLC, priced a $175 million add-on to its 7% senior notes due Dec. 1, 2028 (existing ratings Caa2/CCC).
Meanwhile, the secondary space was volatile on Wednesday with the market soft at the open but up about ¼ point heading into the close.
Recently priced Vector Group Ltd.’s 5¾% senior notes due 2029 (Ba3/BB-) continued to gain momentum after a strong break with the notes priced relatively cheap compared to some recent offerings.
CrowdStrike Holdings, Inc.’s 3% senior notes due 2029 (Ba3/BB) were also putting in a strong performance with the issuer an unusual one for the junk bond market.
T-Mobile USA, Inc.’s three tranches of senior notes (Ba3/BB/BB+) remained active in the secondary space with the notes catching a bid on a stronger day for the market.
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