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Junk: Howard Midstream, FTAI price; Trinity trades at premium; funds lose $730 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 29 – Howard Midstream Energy Partners, LLC brought a new issue, and FTAI Infrastructure, Inc. priced an add-on in the junk primary market on Thursday.
Howard priced $550 million of five-year senior notes (B3/B+) at par to yield 8 7/8%. The deal was upsized from $500 million.
The yield printed in the middle of talk.
The deal played to $400 million of reverse inquiry, a sellside source said.
In a quickly shopped deal, FTAI Infrastructure priced a $100 million add-on to the FTAI Infra Escrow Holdings, LLC 10½% senior secured notes due June 1, 2027 (B2/B-) at 95.5 resulting in an 11.968% yield to maturity.
In the wake of Thursday’s action the active forward calendar stood empty.
Meanwhile, it was a mixed day in the secondary space with the strong move in Treasury yields causing some divergence in the market.
While the CDX index added, the ETFs were lower as market players grappled with macro data that continued to exceed expectations.
High-yield mutual funds and ETFs saw $730 million leave the space in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flow report.
Trinity Industries, Inc.’s 7¾% senior notes due 2028 (Ba2/BB+/BB) were trading with a strong premium to their issue price in active trade.
Windsor Holdings III, LLC’s 8½% senior secured notes due 2030 (B2/B+) continued to improve.
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