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Junk secondary: CHS flat; VistaJet, Ryan above par; Lindblad outperforms; Netflix active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 21 – The dollar-denominated new issue business that had been slated for Friday was accelerated, and priced during a highly active Thursday session.
Hence the primary market rested on its oars, Friday.
New issues continued to dominate the tape with the majority to come during Thursday’s session holding above par.
CHS/Community Health Systems, Inc.’s 5¼% senior secured notes due 2030 (B2/B/BB-) were lower early in the session but gained to close the day flat.
Ryan Specialty Group Holdings, Inc.’s 4 3/8% senior secured notes due 2030 (B1/BB-) and VistaJet’s 6 3/8% senior notes due 2030 (Caa1/B-/BB-) maintained slight premiums in active trading, despite the heaviness in the market.
Lindblad Expeditions, LLC’s 6¾% senior secured notes due 2027 (B3/B-) outperformed with the notes almost 2 points above their issue price.
Outside of new issues, Netflix Inc.’s senior notes were active although little changed as the company’s stock tanked following fourth-quarter earnings.
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