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Alta Mesa ‘a disaster’; Windstream rebounds; Tenet Healthcare gains post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 26 – The domestic high-yield primary market remained dormant on Tuesday. However, the European primary market saw some action.
Paris-based Rexel priced a €600 million issue of seven-year senior notes (Ba3/BB-) at par to yield 2¾%.
The European primary’s forward calendar also grew with Playtech plc on the road for a €350 million offering of seven-year senior secured notes (expected Ba2/confirmed BB).
With new paper drifting from focus in the domestic secondary space, trading activity focused on earnings and company specific news.
Alta Mesa Resources Inc.’s 7 7/8% senior notes due 2024 tanked on Tuesday after the company reported deficiencies in its internal controls which resulted in a $3.1 billion write-off.
Windstream Corp.’s junk bonds continued to see active trading in the secondary space with the bonds rebounding as the company seeks approval for $1 billion in debtor-in-possession financing.
Tenet Healthcare Corp.’s junk bonds were making gains in high-volume activity after an earnings beat.
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