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Primary prices $5.39 billion in nine tranches; forward calendar grows; Urban One soars
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 11 – As forecast, the week of Jan. 11 came smoking off the starting line in the high-yield new-issue market, with seven issuers pricing a combined nine tranches with a total face amount of $5.39 billion.
Among the deals to price was T-Mobile USA, Inc.’s $3 billion three-tranche offering (Ba3/BB/BB+) and Antero Resources Corp.’s $700 million issue of eight-year senior notes (existing ratings B3/B).
Tuesday also promises to be busy with Vector Group Ltd. and CrowdStrike Holdings, Inc. on the forward calendar.
Meanwhile, the secondary space launched the week on soft footing on Monday as equities backed off their record highs.
However, volume was light with focus on the onslaught of deals in the pipeline.
Urban One, Inc.’s newly priced 7 3/8% senior notes due 2028 (B3/B-) continued to rocket higher in high-volume activity.
However, Realogy Holdings Corp.’s 5¾% senior notes due 2029 (Caa1/B-) and Hilcorp Energy I, LP’s two tranches of senior notes (Ba3/BB-) were coming in from their highs in active trading.
Antero’s 5 5/8% senior notes due 2023 were posting gains on the heels of the company’s latest offering.
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