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Range Resources prices; First Quantum taps; RIG falls flat; Altice at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 9 – The domestic high-yield primary market continued to roll out new deals on Thursday with one deal and two add-ons pricing.
Range Resources Corp. priced an upsized $550 million issue of six-year senior notes (B1), First Quantum Minerals Ltd. priced an upsized $750 million add-on to two series of notes and PGT Innovations, Inc. priced a $50 million add-on to its 6¾% senior notes due Aug. 1, 2026 (B2/B).
Genesis Energy, LP and Genesis Energy Finance Corp. priced a $750 million offering of eight-year senior notes (B1/B+).
Friday also promises to be an active session with Laredo Petroleum, Inc.’s $900 million two-part offering of senior notes (B3/B+) and CVR Energy, Inc.’s $1.1 billion two-tranche offering on deck.
Meanwhile, new paper remained in focus in the secondary space, although with mixed performances.
Transocean Ltd.’s 8% senior notes due 2027 (existing ratings Caa1/B-) were among the most actively traded issues during Thursday’s session.
However, the notes fell flat and were largely stuck at their issue price.
Altice Europe NV’s 5% senior notes due 2028 (B2/B) also saw heavy volume with the notes continuing to trade at a premium.
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