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Hyatt prices floaters; IPL Plastics, TreeHouse trade up; Royal Caribbean, Carnival climb
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 26 – While the domestic high-yield primary market remained quiet on Wednesday, one crossover name tapped the capital markets in a high-grade execution.
Hyatt Hotels Corp. priced $750 million of two-year floating-rate senior notes (Baa3/BBB-) during the session.
Meanwhile, the secondary space continued to firm on Wednesday with demand for new paper “huge,” a source said.
TreeHouse Foods, Inc.’s 4% senior notes due 2028 (Ba2/BB-) and IPL Plastics Inc.’s 6% senior secured notes due 2028 (B3/B) were in focus on Wednesday with both issues trading with large premiums in the secondary.
Cruise lines also remained active and continued to gape higher, despite continued headlines about delays in operation.
While Carnival Corp.’s recently priced 9 7/8% senior secured second-priority notes due 2027 (Ba1/BB+) continued to lag their issue price, the 11½% first-priority senior secured notes due 2023 (Baa2/BBB-) were active and continuing to trade with a steep premium.
Royal Caribbean Cruises Ltd.’s 11½% senior notes due 2025 were also in focus and making large gains.
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