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Junk: Veritext, Rain Carbon price; CDK volatile; TriNet flat; funds out $1.01 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 3 – The high-yield new deal machine continued to crank on Thursday in spite of turbulence in the capital markets, with Treasury yields spiking in the wake of Fitch’s Tuesday downgrade of the USA’s long-term foreign-currency rating.
Veritext priced a downsized $500 million issue (from $720 million) of VT TopCo, Inc. seven-year senior secured notes (B2/B/B+) at par to yield 8½%.
The deal was heard to be playing to $1.2 billion of demand on Thursday morning, according to a trader who had the notes at par ¾ bid, 101 offered late Thursday.
Elsewhere, Rain Carbon Inc. priced a $450 million issue of six-year second-lien senior secured notes (B3/B) at par to yield 12¼%.
Both deals came at the tight ends of talk.
In the secondary, CDK Global’s new 8% first-lien notes due 2029 (B2/B+) were volatile alongside the broader market with the notes giving back all gains made on the break but paring their losses into the close.
However, TriNet Group, Inc.’s 7 1/8% senior notes due 2031 (Ba2/BB) were unmoved by the volatility in the broader market with the notes un-budged from their issue price.
Meanwhile, high-yield mutual funds and exchange-traded funds continued to see outflows with $1.01 billion leaving the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
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