Clear Channel on tap; NCR jumps; GTT, Rayonier tank; Realogy up; record outflows for year

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 8 – While no deals priced during Thursday’s session, the domestic high-yield primary market has one deal on deck for Friday.

Clear Channel Outdoor Holdings, Inc. talked its $1.26 billion offering of eight-year senior secured notes with pricing expected on Friday.

US Farathane, LLC’s $600 million offering of five-year senior secured notes was on the calendar for Friday. However, some heard the deal had been postponed due to market conditions.

In the European primary market, Swissport Group Sarl talked its €780 million two-part offering with pricing also expected on Friday.

In the secondary space, NCR Corp.’s newly priced senior notes were in focus with the notes jumping in active trading.

GTT Communications Inc.’s 7 7/8% senior notes due 2024 nosedived following its earnings report.

Rayonier Advanced Materials Inc.’s 5½% senior notes due 2024 also tanked after the company reported it was in discussion with banks regarding potential covenant violations.

However, Realogy Group LLC’s junk bonds were on the rise following its earnings report.

High-yield mutual funds and exchange-traded funds saw the largest outflow year-to-date with $4.072 billion leaving the space for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

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