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Freeport-McMoRan, MSCI, Silgan price; Zayo megadeal on deck; Tallgrass, Forestar active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 19 – The domestic high-yield primary market saw three drive-by deals clear the market on Wednesday.
Freeport-McMoRan Inc. priced an upsized $1.3 billion two-tranche offering of senior notes (Ba1/BB).
MSCI Inc. priced a $400 million issue of 10.5-year senior notes (Ba2/BB+).
And Silgan Holdings, Inc. priced a two-tranche dual-currency offering of senior notes (Ba3/BB), which included a $200 million add-on to the company's 4 1/8% senior notes due Feb. 1, 2028.
However, focus will be on Zayo Group Holdings Inc. (Front Range Bidco, Inc.) on Thursday when its $3.08 billion megadeal is expected to price.
Meanwhile, in the secondary, Tallgrass Energy Partners LP’s newly priced 6% senior notes due 2027 (B1/BB-/BB) and Forestar Group Inc.’s 5% senior notes due 2028 (B2/B+) were active on Wednesday.
While both issues were trading at a slight premium to their issue price, they did not move much in secondary activity, a source said.
L Brands Inc.’s junk bonds continued their upward momentum in active trading on news of the imminent sale of their Victoria’s Secret brand.
Diamond Sports Group LLC’s 5 3/8% senior notes due August 2026 and 6 5/8% senior notes due 2027 were also active and making slight gains as the market awaits earnings.
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