Urban One prices; primary expected to open floodgates next week; Hilcorp soars; Lamar active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 8 – The domestic high-yield primary market saw one deal clear the market on Friday.

Urban One, Inc. priced an $825 million issue of seven-year senior secured notes (B3/B-).

The deal brings the weekly tally to $8.73 billion, which priced over 12 tranches.

While the primary market was not as active as expected over the past week, the floodgates are expected to open during the Jan. 11 week, sources said.

Meanwhile, the secondary space continued to firm on Friday.

While soft at times in intraday activity, the market was strong heading into the close as equities and crude oil futures extended their gains.

Hilcorp Energy I, LP and Hilcorp Finance Co.’s two tranches of senior notes (Ba3/BB-) were in focus with both trading on a 102-handle.

Lamar Advertising Co.’s 3 5/8% senior notes due 2031 (B1/BB-) were also active and trading at a premium to their issue price. However, the notes remained on a par-handle.

Crestwood Midstream Partners LP’s 6% senior notes due 2028 (B1/BB-) continued to improve in active trading with the notes closing the day on a 101-handle.

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