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Two deals clear the HY primary; Penn Gaming flat; At Home at a premium; Centene improves
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 25 – A typical summer Friday in the primary market saw a pair of deals price amid a light news flow.
Kantar Summer Bidco B LLC priced an upsized $425 million issue (from $400 million) of five-year senior secured notes (B2/B-).
And Ambac Financial Group, Inc. brought a rare floating-rate deal to the dollar-denominated primary.
Meanwhile, Magpul Industries Corp. was rumored to have abandoned its $300 million of seven-year senior secured second-lien notes (B1).
New deals remained in focus in the secondary space although with mixed trajectories.
Ambience Merger Sub, Inc.’s (At Home Group Inc.) secured and unsecured notes were also putting in strong performances in the secondary space, although they were coming in from the heights reached after breaking for trade.
Centene Corp.’s split-rated 2.45% senior notes due 2028 (Ba1/BBB-/BB) were gaining momentum in the secondary space after a lackluster break.
However, Penn National Gaming Inc.’s 4 1/8% senior notes due 2029 (B3/B-), which came on Thursday, were struggling in the aftermarket with the notes closing Friday wrapped around par.
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