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Ryman Hospitality drives by; Medline, Miter trade at premium; funds lose $2.01 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 21 – Ryman Hospitality Properties, Inc. priced Thursday’s sole dollar-denominated high-yield deal, a $1 billion issue of 6½% eight-year senior notes (B1/BB-/BB-) that came at par, upsized from $800 million.
Prior to launching the upsized issue at 6½% – in the middle of the 6 3/8% to 6 5/8% price talk – it was heard to be playing to around $2.7 billion of demand, a trader said.
Meanwhile, the secondary space continued to notch gains in response to the Fed’s announcement, sources said.
While decreased projections for rate cuts in 2025 dampened exuberance, the market continued to breathe a sigh of relief that the Fed remained committed to three rate cuts in 2024, a source said.
With the primary market reactivating, new issues and topical news continued to spark activity in the space.
Medline Industries, LP’s 6¼% senior secured notes due 2029 (B1/B+/BB-) and Miter Brands’ 6¾% senior secured notes due 2032 (B1/BB-) were trading at healthy premiums to their issue prices in active trade.
However, the destruction in Altice SA’s capital structure continued post-earnings with Altice USA, Inc. subsidiary CSC Holdings, LLC’s 11¾% senior guaranteed notes due 2029 (B2/B) dragged down with it.
High-yield mutual funds and exchange-traded funds saw a large outflow after a series of inflows with $2.01 billion leaving the space in the week through Wednesday’s close.
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