Upsized Altice, Magnolia price; Rite Aid declines; Petrobras falls; Intelsat mixed again

By James McCandless and Paul A. Harris

San Antonio, July 17 – Tuesday saw an uptick of new-issue activity in Junkbondland, with two issuers pricing notes, while the secondary market also saw increased volume.

Altice France SA priced an upsized issue of senior secured notes due Feb. 1, 2027. The deal included an upsized $1.75 billion tranche of notes that priced at par to yield 8 1/8%.

Magnolia Oil & Gas priced a $400 million issue of eight-year senior notes (B3/BB-/BB-) at par to yield 6%.

In the secondary market, Rite Aid Corp.’s 6 1/8% senior notes due 2023 declined.

Petrobras Global Finance BV’s 8¾% notes due 2026 and 7 3/8% notes due 2027 followed oil futures downward.

Intelsat SA notes saw another mixed day after the Federal Communications Commission moved a joint proposal from satellite firms forward last week.

California Resources Corp.’s 8% senior notes due 2022 went the opposite way of oil futures again, gaining.

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