Junkland: Rithm Capital, New Fortress, CoreCivic price; Clear Channel, Cleveland-Cliffs flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 5 – An active session in the dollar-denominated new issue market had three issuers – each pricing a single tranche of notes that had each been in the market overnight – raise $2 billion.

Rithm Capital Corp. priced a $775 million issue of five-year senior notes (B3/B-), New Fortress Energy Inc. priced an upsized $750 million issue of five-year senior secured notes (B1/BB/BB-), and CoreCivic Inc. priced an upsized $500 million issue of five-year senior notes (Ba2/BB-).

Meanwhile, it was a soft day in the secondary space on Tuesday with a risk-off sentiment sweeping through the market ahead of Federal Reserve chair Jerome Powell’s congressional testimony.

Clear Channel Outdoor Holdings, Inc.’s 7 7/8% senior secured notes due 2030 (B1/B) and Cleveland-Cliffs Inc.’s 7% senior guaranteed notes due 2032 (Ba3/BB-/BB-) were flat on Tuesday with both issues largely wrapped around par since breaking for trade.

USA Compression Partners, LP/USA Compression Finance Corp.’s 7 1/8% senior notes due 2029 (B2/B+/BB) were largely unchanged day over day with the notes holding on to the nominal premium gained on the break.

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