TruckPro, Virgin deals announced; newer issues move higher; WeWork continues slide

By James McCandless and Paul A. Harris

San Antonio, Sept. 30 – Monday saw a prospective issuer emerge in the U.S. high-yield primary market and another in the European market, while newer issues were the focus of a muted secondary.

TruckPro LLC disclosed plans to market a $300 million offering of seven-year senior secured notes on a roadshow through Tuesday, Oct. 8.

In the European junk market, Virgin Media Secured Finance plc gave initial talk on a benchmark offering of sterling-denominated senior secured notes due 2030 (expected ratings Ba3/BB-/BB+) in the 4½% area.

Meanwhile, new notes priced by Calumet Specialty Products Partners, LP and Telesat Canada were pushed higher.

Elsewhere, WeWork Cos. Inc.’s issues extended a negative streak as the company officially shelved its initial public offering.

Oil and gas name Cheniere Energy Partners LP’s paper varied in direction as oil futures declined.

In telecom, Inmarsat plc’s recent notes improved.

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