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Primary poised for busy end to week; Calfrac going strong; Alcoa returns to focus; APX off
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 16 – While no new deals priced on Wednesday, the domestic and European primary markets stand poised for a busy end to the week.
At least seven offerings are expected to price before the week comes to a close, sources said.
DNO ASA began an accelerated book-building process for a $400 million minimum private placement of new five-year senior unsecured bonds.
TMX Finance LLC announced plans to start a roadshow Thursday for a $450 million offering of five-year senior secured notes to refinance its 8½% senior secured notes due Sept. 15, 2018.
TMX’s 8½% senior notes due 2018 (Caa2/B-) climbed more than 2 points in high-volume trading on Wednesday after the announcement.
Calfrac Holdings LP’s new 8½% notes due 2026 (B3/B-) continued to dominate trading in the secondary space while MSCI Inc.’s new 5 3/8% notes due 2027 (Ba2/expected BB+) faded into the background.
Alcoa Corp.’s recently priced 6 1/8% senior notes due 2028 (Ba1/BB+) returned to focus with the notes up slightly in high volume trading on Wednesday.
APX Group Inc.’s junk bonds saw losses on Wednesday after the company reported first quarter earnings Tuesday evening.
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