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SiriusXM, International Came, Griffon price; Realogy, Hillenbrand on deck; Univision slips
By Paul A. Harris and James McCandless
Portland, Ore., June 8 – The high-yield new-deal machine picked up on Monday where it left off last week, while the secondary market started the week marked by a trend of weakness in newer issues.
The busy session saw SiriusXM price an upsized $1.5 billion issue of 10-year senior notes (Ba3/BB) at par to yield 4 1/8% in a drive-by.
International Game Technology plc priced an upsized $750 million issue of 5¼% senior secured notes due Jan. 15 2029 (Ba3/BB) at par to yield 5.249%.
Griffon Corp. priced a $150 million add-on to its 5¾% senior notes due March 1, 2028 (B2/B+) at 100.25 to yield 5.696%.
Looking ahead, Realogy Group talked a $400 million offering of five-year senior secured second lien notes (B3) to yield 8% to 8¼%. The deal is set to price Tuesday morning.
And Hillenbrand, Inc. talked an upsized $400 million offering of five-year senior notes (Ba1/BB+/BB+) to yield in the 6% area. The deal is also set to price Tuesday.
Recent issuance from Royal Caribbean Cruises Ltd. pushed higher while Univision Communications Inc. and L Brands, Inc.’s saw weakness.
Meanwhile, PG&E Corp.’s notes were seen gaining after the company released its plans for funding its end-of-June bankruptcy exit.
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