Junk primary sells SWF, PRA, Pactiv; Springs Window sloppy on break; Coinbase down again

By Abigail W. Adams

Portland, Me., Sept. 17 – While new supply continued to fall short of expectations, the domestic high-yield primary market priced a cumulative $1.47 billion over three deals during Friday’s session.

SWF Escrow Issuer Corp. (Springs Window Fashions) priced a $625 million issue of eight-year senior notes (CCC), Pactiv Evergreen Group Issuer Inc. priced $500 million of seven-year senior secured notes (B1/B+) and PRA Group, Inc. priced an upsized $350 million of eight-year senior notes (Ba2//BB+) during Friday’s session.

While new paper from PRA Group was putting in a strong performance on the break, Springs Window’s offering was sloppy with the notes dropping below their issue price.

While recently priced paper remained in demand, the secondary space was soft on Friday but holding up well despite continued choppiness in equities.

The market closed the day down about 1/8 point, a source said.

Coinbase Global, Inc.’s two-tranches of senior guaranteed notes (Ba1/BB+) continued to struggle in the aftermarket with both tranches dropping down to a 97-handle.

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