Clear Channel prices; Mattel drops post cancellation; NCR gains continue; Exela tanks

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 9 – The domestic and European primary markets each saw one deal price during Friday’s session although both deals were downsized.

Clear Channel Outdoor Holdings, Inc. priced a downsized $1.25 billion issue of eight-year senior secured notes at par to yield 5 1/8%.

In Europe, Swissport Group Sarl priced a downsized €660 million of high yield notes in two tranches.

Meanwhile, the secondary space closed out the week on soft footing although volume was light.

Clear Channel’s 5 1/8% notes dominated activity with the notes trading at a slight premium to their issue price.

There were better buyers for some of the recent issues to hit the secondary space, a market source said.

NCR Corp.’s two-tranche senior note offering continued to gain on Friday.

Albertsons’ recently priced 5 7/8% senior notes due 2028 staged an impressive rebound with the notes now well above their issue price after trading below it earlier in the week.

Mattel, Inc.’s 6¾% senior notes due 2025 were in focus and trading down on news the toy company was canceling its recently priced 6% senior notes due 2027 due to an anonymous whistleblower letter.

Exela Technologies Inc.’s 10% senior notes due 2023 tanked in active trading after reporting disappointing numbers for its second-quarter earnings report.

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