Primary prices $2.8 billion; Uniti flat; TMS, Bloomin’, Century Aluminum at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Ore., April 7 – It was another fully and busy day in the junk bond primary space with five issuers pricing notes for a combined $2.8 billion face amount of new paper.

Meanwhile, in the secondary space, Bloomin' Brands, Inc.’s 5 1/8% senior notes due 2029 (B2/B) continued to trade with a healthy premium in high-volume activity.

TMS International Corp.’s 6¼% senior notes due 2029 (Caa1/B) were also trading well with the notes on a 102-handle.

While volume in the name was light, Century Aluminum Co.’s 7½% senior secured notes due 2028 (Caa1/B) outperformed with the notes more than 3 points above their issue price.

However, Uniti Group Inc.’s 4¾% senior secured notes due 2028 (B2/B) fell largely flat in the aftermarket.

Outside of recent issues, GEO Group Inc.’s senior notes were making large gains in active trading after the company announced it was suspending its dividend to focus on repaying its debt.

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