EnLink prices add-on; DISH on the rebound; Charter rises; Vericast lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 30 – The Thursday junk session saw a single dollar-denominated deal transacted as a drive-by.

EnLink Midstream, LLC priced a $300 million add-on to its 6½% senior bullet notes due Sept. 1, 2030 (Ba1/BB+/BBB-) at 99 to yield 6.672%.

Meanwhile, a largely sideways day in the secondary space finished with a strong tone with buyers lifting the market into the close.

While buyers have returned to the space in recent sessions amid stability in the banking sector and positive earnings, macro data will determine how the market closes for the week with the latest CPE print, the Fed’s preferred inflation gauge, to be released on Friday.

The cash bond market added another 3/8 point to the strong gains of the previous sessions with topical news and an improved tone jumpstarting activity in the space.

DISH Network Corp.’s senior notes continued their strong rebound on Thursday with the notes adding another 1½ to 3 points.

News that Intelsat was in merger talks with SES SA sparked buying in DISH’s badly battered capital structure and also helped lift the broader telecommunications sector.

Charter Communications, Inc. subsidiary CCO Holdings, LLC’s senior notes (B1/BB-) were among the benefactors of renewed interest in telecommunications with the notes higher in active trading.

Vericast Corp.’s 11% first-lien notes due 2026 (Caa2/CCC+) were lower with a large seller in the market.

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