AMC drive-by, Waterworks price; new AMC, Extraction O&G firmer; Rite Aid gains continue

By Paul Deckelman and Paul A. Harris

New York, July 19 – The high-yield primary arena saw its first billion-dollar-plus day of the second half of the year on Wednesday as two domestic junk-rated issuers combined to bring some $1.3 billion of new dollar-denominated paper to market.

It was the biggest new issuance day in Junkbondland since the $1.79 billion that priced on June 29, according to data compiled by Prospect News.

Syndicate sources said that cable TV network operator and content provider AMC Networks, Inc. priced an upsized and quickly shopped $800 million offering of eight year notes.

And they saw an upsized $500 million regularly scheduled forward calendar offering of eight-year notes backing the pending acquisition of industrial products distributor HD Supply Waterworks get done.

Traders said the new AMC notes moved up when they hit the aftermarket, though they did not immediately report any initial dealings in the Waterworks paper.

The traders meantime reported upside movement on brisk volume in Tuesday’s new issue from energy operator Extraction Oil & Gas, Inc.

Away from the new deals, there was continued firming, on active volume, in Rite Aid Corp.’s paper, a day after the drugstore chain operator released pro forma financial results taking into account the planned sale of nearly half of the chain’s more than 4,600 stores to larger industry rival Walgreens Boots Alliance, Inc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.