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Viking Cruises, OneMain/Springleaf, Match, Radian price; Encompass adds-on
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 12 – Although it paled in comparison to the stampeding high-grade corporate bond new issue market, the speculative grade primary market maintained its healthy post-Fed pace on Tuesday.
Springleaf Finance Corp., a subsidiary of OneMain Financial Holdings, Inc., priced an upsized $600 million issue of 8 7/8% five-year senior notes (Ba3/BB-/BB+) at par to yield 8.872% in a drive-by.
Viking Cruises Ltd. priced an upsized $675 million issue of 13% five-year senior secured notes (B1/B-) at 97 to yield 13.851%.
Encompass Health Corp. priced an upsized $600 million amount of senior notes (B1/B+) by means of tapping two existing issues in a drive-by.
Radian Group Inc. priced an upsized $525 million issue of five-year senior bullet notes (Ba1/BB+/BBB-) at par to yield 6 5/8% in a drive-by.
Also Match Group, Inc. priced a $500 million issue of 4 5/8% eight-year senior notes (Ba3/BB) in a drive-by.
In the secondary, Bausch Health Cos. Inc.’s 6¼% senior notes due 2029 (B3//B) were strong at the start of the day but drifted lower as the session progressed.
Lamar Media Corp.’s 4 7/8% senior notes due 2029 (Ba3/BB-) were largely flat in high-volume activity.
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