Warner Music, MGIC, ADT, DaVita price; Windstream on tap; funds add $4 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 6 – The domestic high-yield primary market continued to roll out new issuance at an active clip on Thursday.

In drive-by action, ADT Inc. priced an upsized $1 billion, MGIC Investment Corp. priced an upsized $650 million, Warner Music Group's WMG Acquisition Corp. priced a $550 million issue and DaVita Inc. priced a $1.5 billion offering.

The forward calendar also grew with Windstream Communications marketing a $1.4 billion offering as part of Chapter 11 exit financing.

Meanwhile, in the secondary Triumph Group Inc.’s 8 7/8% senior secured first-lien notes due 2024 (B2/B) and Howard Hughes Corp.’s 5 3/8% senior notes due 2028 (Ba3/BB-/BB) continued to gain in high-volume activity.

While volume was light, Harvest Midstream I LP’s 7½% senior notes due 2028 (B1/BB-/BB-) also continued to move up after a strong break.

High yield mutual and exchange-traded funds added $4.389 billion through Wednesday’s close, according to Refinitiv Lipper US Fund Flows.

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