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Trivium, TPC, Tekni-Plex price; Sinclair holds; Hertz, Taylor Morrison, Acrisure gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 19 – The domestic high-yield primary market continued its active pace on Friday after seeing the largest amount of new deal volume year to date on Thursday.
Trivium Packaging Finance BV’s megadeal cleared the market on Friday with $1.75 billion and €980 million of high yield notes pricing over four tranches.
The dollar-denominated tranches skyrocketed after breaking for trade.
TPC Group Inc. priced a $930 million issue of 10¼% five-year senior secured notes (B2/B/B-).
And Tekni-Plex, Inc., priced a $345 million issue of 9¼% five-year senior notes (Caa2/CCC+) at 99.02 to yield 9½%.
Meanwhile, the new paper was in focus in the secondary space with each deal to price during Thursday’s session trading at a premium to their offer price.
Sinclair Broadcast Group Inc.’s two tranches of notes remained in focus with the notes continuing to trade well above their issue price.
Hertz Corp.’s 7 1/8% senior notes due 2026 (B3/B-) and Taylor Morrison Communities, Inc.’s 5¾% senior notes due 2028 (Ba3/BB) continued to post gains in active trading.
While volume was light, Acrisure, LLC’s 10 1/8% senior notes due 2026 (Caa2/CCC+) also continued to rise on Friday.
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