The high yield market took todays Federal Reserve announcement in stride, though prices were down slightly on the secondary market. Investors caution that the greater challenge lies ahead in 2014.
Darling International issued $500 million in 5.375% senior unsecured notes due 2022 to help finance its 1.6 billion ($2.16 billion) acquisition of the meat business of Vion and to redeem senior notes.
Investors favored loan funds over bond funds again this week as high yield saw outflows and loans continued to see inflows.
Global Ship Lease Inc. is on the market with $400 million in senior secured notes due 2021. The London-based shipping company plans to use the proceeds to refinance debt.
MGM Resorts International sold $500 million in 5.25% senior unsecured notes due 2020. The Las Vegas-based casino and hotel operator plans to use the proceeds for debt repayment.
First Data Corp. priced an add-on offering of $725 million in a deal upsized from $500 million. This latest add-on offering brings the 2021 notes to $2.475 billion.
Halcon Resources issued $400 million in add-on 9.75% senior notes due 2020. The add-on bonds bring the tranche to $1.15 billion.
Irving, Texas-based Michaels Stores sold $260 million in 5.875% senior subordinated notes due 2020. It plans to use the proceeds to redeem outstanding debt.
European high yield volume reached $27.9 billion via 76 deals so far this quarter, according to Dealogic. It is the highest fourth quarter volume on record for Europe.
Halcon Resources is selling $400 million in add-on 9.75% senior notes due 2020. Michaels Stores plans to sell $260 million in senior subordinated notes due 2020.