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Six Flags, Perenti price junk; Vallourec, Empire add to gains; funds lose $3.75 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 18 – Two companies raised $1.2 billion in the dollar-denominated high-yield primary market on Thursday.
Six Flags Entertainment Corp. and Six Flags Theme Parks Inc. priced an $850 million issue of eight-year senior secured notes (Ba2/BB) at par to yield 6 5/8%, at the tight end talk.
It was heard to be playing to $2.3 billion of demand on Thursday morning, a trader said.
Australia-based Perenti Finance Pty. Ltd. priced a $350 million issue of five-year senior notes (BB/BB+) at par to yield 7½%, on top of yield talk.
In the secondary space, Jane Street Group, LLC and JSG Finance, Inc.’s 7 1/8% senior secured notes due 2031 (Ba2/BB/BB+) were unchanged day-over-day with the notes holding on to the nominal premium gained on the break.
However, Vallourec SA’s 7½% senior notes due 2032 (Ba2/BB+/BB+) and Empire Communities Corp.’s 9¾% senior notes due 2029 (B/B-) continued to add to the strong gains made on the break.
Tutor Perini Corp.’s 11 7/8 senior notes due 2029 (Caa1/CCC+) also continued to trade well above their discounted issue price, although volume was light with the notes largely tucked away.
Meanwhile, high-yield mutual funds and exchange-traded funds marked their largest outflow of the year so far with $3.75 billion leaving the space in the week through Wednesday’s close, a source said.
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