Lamb Weston, Azek price; United sees pushback; new deals move up; funds add $3.54 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 7 – The domestic high-yield primary market continued to roll out deals at an active clip with three drive-bys clearing the market on Thursday.

Lamb Weston Holdings, Inc. priced a $500 million issue and Azek Building Products, Inc. priced an upsized $350 million issue.

PBF Holding Co LLC and PBF Finance Corp. also priced a $1 billion offering of five-year senior secured notes.

However, United Airlines Holdings Inc.'s $2.25 billion offering of senior secured notes, which was expected to price on Thursday, saw some pushback from investors.

Meanwhile, it was a strong day for the secondary space with the cash bond market up about ½ point in intraday trading although it came in towards the market close, a source said.

New deals remained the focus of trading activity with the paper to price during Wednesday’s session performing well in high-volume activity.

Meanwhile, cash continued to enter the space with high-yield mutual and exchange-traded funds recording $3.535 billion in inflows for the week ended May 6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.