Junk: Station Casinos, United Rentals, Alcoa price; Xerox adds; funds add $346.7 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 7 – An active session in the high-yield primary market saw three issuers, each bringing a single tranche of notes, raise $2.35 billion.

Executions appeared solid, with one deal pricing inside of talk, one at the tight end and one in the middle of talk.

United Rentals (North America), Inc. priced a $1.1 billion issue of 6 1/8% 10-year senior notes (Ba2/BB+) at par, in the middle of talk.

Alcoa Nederland Holding BV priced a $750 million issue of 7 1/8% seven-year senior notes (Ba1/BB/BB+) at par, 12.5 basis points inside of talk.

Station Casinos LLC priced a downsized $500 million issue of 6 5/8% eight-year senior notes (B3/B) at par, at the tight end of talk. The deal was downsized from $750 million, with $250 of proceeds shifted to the concurrent term loan.

In the secondary, Xerox Holdings Corp.’s new 8 7/8% senior guaranteed notes due 2029 (B1/BB) continued to add after a strong break the previous session.

Chemours Co.’s senior notes (B1/BB) were on the mend with the notes adding 2 to 3 points after the company disclosed the root of the accounting scandal that resulted in suspension of several executives.

The secondary space once again saw inflows with high-yield mutual funds and exchange-traded funds adding $346.7 million in the week through Wednesday’s close, a source said.

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