JBS, Entercom price; Netflix megadeal on tap; APX jumps; Air Methods gains; Sprint drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 23 – The floodgates opened for the European and domestic high-yield primary market on Tuesday with several deals pricing and more on tap.

JBS USA priced $700 million of unsecured notes in three add-on tranches in a quick-to-market Tuesday trade.

Entercom Media Corp. priced an upsized $325 million issue of eight-year senior secured second-lien notes (B2/B-) at par to yield 6½%.

APX Group, Inc., the parent of Vivint Inc., was also in the market with a drive-by $250 million offering of senior notes due November 2024.

All eyes will be on Wednesday’s session when Netflix, Inc. plans to price a $2 billion equivalent two-part offering.

Meanwhile, the secondary space was firm on Tuesday with trading volume beginning to pick up steam.

APX Group’s 7 5/8% senior notes due 2023 jumped more than 3 points in active trading on news a new refinancing deal was in the works.

Air Methods Corp.’s 8% senior notes due 2025 made large gains in active trading following news of the closure of some of its bases in Oklahoma.

Sprint Corp.’s 7 7/8% senior notes due 2023 continued to trade down on Tuesday as speculation continues about pushback surrounding the wireless service provider’s merger with T-Mobile.

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