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CHS, Altice, Navient, Garda, Adams Homes, Icahn add-on price; VICI, Albertsons at a premium
By Abigail W. Adams
Portland, Me., Jan. 23 – The domestic high-yield primary market continued its active pace on Thursday with $4.26 billion pricing in six dollar-denominated tranches.
Altice priced an upsized €2.9 billion equivalent three-tranche offering, which included an upsized $1.23 billion tranche on Thursday.
Adams Homes, Inc. priced a $225 million issue of five-year senior notes (B3/B+).
In drive-by action, CHS/Community Health Systems Inc. priced an upsized $1,462,000,000 issue of five-year senior secured notes, Navient Corp. priced a $700 million issue of seven-year senior bullet notes (Ba3/B+/BB), Garda World Security Corp. priced an upsized $450 million issue of seven-year senior secured notes (B1/B), and Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $300 million add-on to their 4¾% senior bullet notes due Sept. 15, 2024 (expected ratings Ba3/BB+).
In the secondary space, VICI Properties LP and VICI Note Co. Inc.’s three-tranche offering was mixed on Thursday with one tranche weakening while two moved sidewise after all saw a strong break on Wednesday.
Albertsons Cos. Inc.’s three tranches were also mixed with some trading sidewise and other coming in slightly after also seeing a strong break.
However, Baytex Energy Corp.’s 8¾% senior notes due 2027 saw a lackluster reception in the secondary space with the notes lagging their issue price.
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