Wynn Macao, Grace price; PG&E buzz continues; Delta, Level 3 rebound; Hertz in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 12 – The domestic high-yield primary market rounded out an active week with Wynn Macau Ltd. pricing a $750 million issue of 5.5-year senior notes (existing B1/existing BB-/BB+) and W. R. Grace & Co. pricing an upsized $750 million issue of seven-year senior notes (existing Ba3/existing BB-/BB+).

While PG&E Corp. did not tap the market in the June 8 week as expected, buzz continues about the large capital raise on the horizon.

Meanwhile, in the secondary space, MGM China Holdings Ltd.’s new 5¼% senior notes due 2025 (Ba3/BB-) were trading with a premium in the aftermarket.

Delta Air Lines Inc.’s new 7 3/8% senior notes due 2026 (Baa3/BB/BB+) remained active with the notes trading off their lows.

CenturyLink Inc. subsidiary Level 3 Financing Inc.’s 4¼% senior notes due 2028 (Ba3/BB/BB) also improved with the notes closing the session above par.

Hertz Corp.’s senior notes were in focus on Friday with the bankrupt car rental agency’s capital structure jumping several points on a potential $1 billion capital raise through a share sale.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.