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Builders FirstSource, US Acute Care add on in junkland; GrubHub gains; Golden Nugget loses
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 19 – High-yield new issue market traders saw a $525 million face amount of paper sold in a pair of single-tranche drive-by add-on deals.
Builders FirstSource, Inc. priced a $300 million add-on to its 4¼% senior notes due 2032 (Ba2/BB-) and US Acute Care Solutions, LLC priced a $225 million add-on to its 6 3/8% senior secured notes due 2026 (B2/B-).
The forward calendar also continued to grow with VistaJet starting a roadshow for an $800 million offering of eight-year senior notes.
The primary market activity came amid continued volatility in the secondary space.
However, trading activity remained muted amid the volatility.
Grubhub Inc.’s 5½% senior notes due 2027 (B3/BB-) were on the rise in active trading.
However, Fertitta Entertainment, LLC’s recently priced tranches continued to trend lower alongside the broader market with both tranches now trading below par.
Park Hotels & Resorts Inc.’s 4 7/8% senior notes due 2029 (B1/B+) were active although with little movement in price.
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