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Frontier moves up timing, Lyon sells small deal; XPO falls on Con-Way bid; Basic Energy declines
By Paul A. Harris and Stephanie N. Rotondo
Phoenix, Sept. 10 Frontier Communications Corp.s giant $6.6 billion offering of new notes will come to market sooner than expected after spending the entire summer waiting in the wings. The company brought its roadshow to an early end and will now price the bonds on Friday as demand reached a sufficient level to ensure oversubscription.
The only other news in the primary was a small add on from William Lyon Homes, Inc.
The secondary high-yield bond market had a firm tone again on Thursday, though topical names ended fairly mixed.
XPO Logistics Inc. saw its debt falling a couple of points or more following news the company had made a $3 billion play for trucking company Con-Way Inc.
They took a little hit, a trader said.
Meanwhile, Avon Products Inc. was mixed as it was reported the struggling cosmetics company was in talks with private-equity firms in regards to the sale of a stake.
In the energy space, Basic Energy Services Inc. paper was down a considerable amount as much as 5 points, according to one trader as the oil well services company released its August operations update.
Also, Chesapeake Energy Corp. continued to be active. The name has been busy and better since announcing a new gas gathering agreement with The Williams Cos. on Tuesday.
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