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Covanta prices; more deals on tap; Envision in focus; EnPro, Intelsat trade up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 3 – The domestic high-yield primary market saw one deal price during Wednesday’s session with three more on tap for Thursday.
Covanta Holding Corp. priced a $400 million issue of 8.25-year senior notes (B1/B) at par to yield 6% in a Wednesday drive-by.
Cable & Wireless Communications Ltd.’s $500 million minimum offering of eight-year notes (B2/BB-/BB-) and Intertape Polymer Group Inc.’s $250 million offering of eight-year notes (B2/B+) are on deck for Thursday.
Resideo Funding Inc.’s $400 million offering of eight-year senior notes (B1/BB+) were expected to price during Wednesday’s session but no information was available as of press time.
The European primary market was also active with one deal pricing and two more on the forward calendar.
Meanwhile, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Caa1/B-) remained in focus in the secondary space with the notes continuing to trade down in high volume activity.
As Envision trended downwards, EnPro Industries, Inc.’s newly priced 5¾% notes due 2026 (B1/BB) traded up in the secondary space.
Intelsat Jackson Holdings SA’s 8½% senior notes due Oct. 15, 2024 (Caa2/CCC+) returned to their previous levels on Wednesday after a $700 million add-on drove the notes lower.
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