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Staples prices, lags in secondary; Golden Entertainment active; U.S. Steel mixed
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 9 – One deal dominated attention in both the domestic primary and secondary market on Tuesday – Staples, Inc.’s two-tranche offering.
The deal was ultimately downsized to $3 billion after previously upsizing.
The senior notes were in focus in the secondary space although both tranches were lagging their issue price.
The European high-yield primary market was also active with Telecom Italia pricing €1 billion of 2¾% six-year senior notes (Ba1/BB+/BB+) on Tuesday and Orano pricing a €750 million issue of 3 3/8% seven-year senior notes.
Golden Entertainment Inc.’s newly priced 7 5/8% senior notes due 2026 were maintaining their premium in active trading on Tuesday.
United States Steel Corp.’s junk bonds were mixed on Tuesday following an analyst downgrade of the company’s equity due to concerns about oversupply.
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