Crescent Energy adds on; McAfee losses mount; Wesco gains; Spirit Airlines up on acquisition

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 7 – The domestic high-yield primary market saw one add-on price during Monday’s session and several more join the forward calendar.

Crescent Energy Finance LLC, formerly known as Independence Energy Finance LLC, priced an upsized $200 million add-on to the Independence Energy Finance 7¼% senior notes due May 1, 2026 (B2/B+).

Meanwhile, it was another soft day in the secondary space as the 10-year Treasury yield again surpassed the 1.9% threshold.

The yield traded as high as 1.94% before closing the day at 1.921%.

While the market gained some steam in the late afternoon, it still ended the day with a weak tone, a source said.

Losses continued to mount for Condor Merger Sub, Inc.’s (McAfee Corp.) recently priced 7 3/8% senior notes due 2030 (Caa2/CCC+) with the notes trading down to a 98-handle in high-volume activity.

While the secondary space continued to struggle on Monday, topical news lifted some outstanding issues.

Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) were on the rise on Monday following news the company, which does business as Incora, hired restructuring advisers to help address its near-term debt.

Spirit Airlines, Inc.’s 8% senior notes due 2025 were also posting gains following Frontier Group Holdings Inc.’s acquisition of the company.

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