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Digicel, Archrock price; Intelsat slides, Dean Foods, McDermott drop; funds out $1.91 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 7 – The primary market continued to churn out new deals with two pricing during Thursday’s session and one more on tap for Friday.
Digicel priced an upsized $600 million issue of five-year first-lien senior secured notes (B1//B) at par to yield 8¾%.
Archrock, Inc. priced a $500 million issue of eight-year senior notes (B3/B-) at par to yield 6 7/8% in a Thursday drive-by.
Manitowoc Co., Inc.’s $300 million offering is on tap for Friday.
While the primary market remained active, trading volume was light on Thursday with the secondary space soft, sources said.
Intelsat SA’s junk bonds continued to slide in high-volume activity in the wake of political opposition to its C-band spectrum proposal.
Dean Foods Co.’s 6½% senior notes due 2023 continued to trade down in the secondary space after a ratings downgrade was sparked by an earnings miss and a strategic review.
McDermott International Inc.’s 10 5/8% senior notes due 2024 were also losing ground following a ratings downgrade.
Meanwhile, high-yield mutual funds and exchange-traded funds saw outflows of $1.91 billion for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
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