Amkor, Ashton Woods price; Power Solutions eyed; Frontier dominates; Rite Aid jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 13 – The domestic high-yield primary market continued to churn out new deals on Wednesday.

Amkor Technology, Inc. priced a $525 million issue of 6 5/8% 8.5-year senior notes (B1/BB) at 99.50 to yield 6.703%.

Ashton Woods USA LLC priced a $255 million issue of 9 7/8% eight-year senior notes (Caa1/B-) at 99.301 to yield 10% in a Wednesday drive-by.

Power Solutions set price talk for its $4.7 billion three-part megadeal, which is expected to price on Friday. The deal is already oversubscribed, sources said.

The European high-yield market also saw some action with Faurecia SE pricing €500 million of senior notes due June 15, 2026 (expected ratings Ba1/BB+/BB+) at par to yield 3 1/8% in the previous session.

Demand in the European market continues to outweigh supply with Faurecia pricing tight, sources said.

Meanwhile, the secondary space saw another strong day on Wednesday with new paper dominating trading activity.

Frontier Communications Corp.’s newly priced 8% first lien senior secured notes due 2027 (B2/B/BB) jumped in high-volume activity on Wednesday with the notes more than 1 point above their issue price.

Outside of the new paper, Rite Aid Corp.’s 6 1/8% senior notes due 2023 jumped in high-volume activity after the company announced a management shake-up.

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