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Caesars Entertainment, PRA Group, Garda price; Savers Value on deck
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 23 – For the second consecutive week the high-yield new issue market got off to a healthy start.
The Monday session saw a trio of issuers each bring single tranches of junk-rated, dollar-denominated notes to raise a combined total of $2.8 billion.
Caesars Entertainment Inc. priced the session's sole announced drive-by, an upsized $2 billion issue (from $1.25 billion) of seven-year senior secured notes (Ba3/B), which came at par to yield 7%.
Garda World Security Corp. priced an upsized $400 million issue (from $350 million) of five-year senior secured notes (B2/B) at par to yield 7¾%.
And PRA Group, Inc. priced an upsized $400 million issue (from $350 million) of five-year senior notes (Ba2//BB+) at par to yield 8 3/8%.
Savers Value Village, Inc. plans to sell a $500 million offering of Evergreen AcqCo 1 LP/TVI, Inc. senior secured notes due April 2027 (expected ratings B2/B).
The deal, being marketed on a Tuesday through Thursday virtual roadshow, is in the market with initial guidance in the 10% area, and is coming on the back of $400 million of reverse inquiry, a sellside source said.
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