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Valeant, American Axle price; Frontier, J.C. Penney new issues continue activity
By James McCandless and Paul A. Harris
San Antonio, March 12 – The high-yield primary market saw three deals price in the United States on Monday for $1.95 billion in total, as the secondary market began the week on a slow note, traders said.
Valeant Pharmaceuticals International, Inc. priced an upsized $1.5 billion issue of eight-year senior notes, while American Axle & Manufacturing, Inc. priced an upsized $400 million of senior notes, also due in eight years.
Rounding out Monday’s pricings, CEVA Group plc priced an upsized $50 million tack-on to its 9% first lien senior secured notes due Sept. 1, 2020.
In the secondary market, Frontier Communications Corp. saw its Thursday $1.6 billion issue of eight-year second-lien secured notes actively traded.
Fellow Thursday pricing J.C. Penney Co., Inc. saw a rating on its $400 million issue of seven-year senior secured second priority notes Monday.
The $1 billion pricing from Sprint Corp. continued to be one of the dominant issues of the secondary market session.
More heavy volume was seen in Intelsat SA and Northern Oil and Gas Inc.
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