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Consolidated Communications prices; secondary heavy; Michaels, First Quantum, Methanex flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 18 – After one of the highest volume weeks for new deal activity in the history of the junk bond market, only one deal cleared the primary market on Friday.
Consolidated Communications Holdings, Inc. priced Friday's sole deal, a downsized $750 million issue of eight-year senior secured notes (B2/B+).
While the calendar heading into the Sept. 21 week is light, 2020 is on track to break all-time records for new issuance.
Meanwhile, the secondary space was heavy on Friday with equities extending their losses.
However, volume was light with new paper continuing to dominate the tape.
While new paper from Consolidated Communications skyrocketed, several recent deals fell flat in active trading.
Methanex Corp.’s 5 1/8% senior notes due 2027 (Ba1/BB/BB), First Quantum Minerals Ltd.’s 6 7/8% senior notes due 2027 (CCC+/B-), and Michaels Stores, Inc.’s 4¾% senior notes due 2027 (Ba3/B+) were flat to lagging their issue prices.
While Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC’s (Pactiv Evergreen) 4% senior notes due 2027 (B1/B+) were trading with a slight premium, they did not move much, a source said.
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