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USA Compression prices; Springleaf, Antero gain; Windstream, Uniti in focus; funds gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 21 – While new deal volume remained light on Thursday, the drive-thru window again opened with one deal pricing.
USA Compression Partners, LP priced an upsized $750 million issue of 8.5-year senior notes (B3/B+/BB-) at par to yield 6 7/8% in a Thursday drive-by.
Meanwhile, the high-yield secondary space remained strong despite a dip in equities and Treasuries.
On Thursday, spreads reached their tightest levels across ratings in 15 weeks with the high-yield market well bid, a source said.
New paper continued to perform well in the secondary space.
Springleaf Finance Corp.’s 6 1/8% senior notes due 2024 (Ba3/BB-) and Antero Midstream Partners LP’s 5¾% senior notes due 2027 (Ba3/BB+/BBB-) were trading at a premium to their issue price in the secondary space.
Windstream Corp.’s and Uniti Group Inc.’s junk bonds remained major volume movers in the secondary space with both structures trading down as bankruptcy chatter increases.
Meanwhile, high-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw inflows of $284 million for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
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