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New deal frenzy continues; primary prices $3.35 billion over six deals
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 25 – The summer junk bond blitz continued on Tuesday with six issuers pricing $3.35 billion in single dollar-denominated tranches.
Three of the six tranches came as drive-bys and four were upsized.
CCO Holdings LLC and CCO Holdings Capital Corp., subsidiaries of Charter Communications, Inc., priced an upsized $750 million add-on to their 5 3/8% senior notes due June 1, 2029 (expected ratings B1/BB) at 102.00.
Antero Midstream Partners LP priced an upsized $650 million issue of 8.5-year senior notes (Ba3/BB+) at par to yield 5¾%.
Virgin Media Ltd. priced an upsized $600 million add-on to the Virgin Media Secured Finance plc 5½% senior secured notes due May 15, 2029 (Ba3/BB-/BB+) at 101.75 to yield 5.225%.
Parkland Fuel Corp. priced a $500 million issue of eight-year senior notes (B1/BB) at par to yield 5 7/8%.
Hexion Inc. priced a $450 million issue of eight-year senior notes (Ba3/B-) at par to yield 7 7/8%.
Avon International Capital plc priced an upsized $400 million issue of 6½% senior secured notes due Aug. 15, 2022 (Ba1/BB-) at par to yield 6.503%.
Despite the flurry of activity, the forward calendar remains robust with Fairstone Financial Inc.’s $300 million offering of five-year senior notes (B1/B) set to price on Wednesday.
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