E.W. Scripps prices; TPC joins calendar; Horizon, MTS gain; Olin improves; Masonite lags

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 12 – The domestic high-yield market rounded out the week with one deal pricing and another joining the forward calendar.

In a significantly oversubscribed offering, E.W. Scripps Co. priced an upsized $500 million issue of eight-year senior notes (B3/B-/B) at par to yield 5 7/8%.

TPC Group Inc. announced plans to roll out a $930 million offering of five-year senior secured notes (expected ratings B2/B/B-) on a Monday investor conference call.

In the secondary space, MTS Systems Corp.’s 5¾% senior notes due 2027 (B3/B+) continued to post gains in the secondary space.

Horizon Pharma USA, Inc.’s 5½% senior notes due 2027 (B1/B+) were also trading at a large premium to their issue price.

After a lackluster start in the secondary space, Olin Corp.’s 5 5/8% senior notes due 2029 (Ba1/BB+) saw slight improvement and were wrapped around par on Friday.

However, Masonite International Corp.’s 5 3/8% senior notes due 2028 (Ba3/BB+) weakened on Friday with the notes at times lagging their issue price.

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