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Multi-Color moved to Monday; U.S. Renal, Radian trade up; Frontier decline continues
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 14 – It was a waiting game in the domestic high-yield primary market on Friday as the deal du jour ended up being held over the weekend.
The Multi-Color Corp. (LABL Escrow Issuer, LLC) $1.39 billion two-part deal backing the buyout of the company by Platinum Equity LLC and the merger of Multi-Color with W/S Packaging Holdings, Inc. was expected to price during Friday’s session but will now come on Monday.
The week ahead will also feature another highly anticipated deal.
Nexstar Broadcasting, Inc. will be in the market with its $1.12 billion offering of eight-year senior notes backing the acquisition of Tribune Media Co.
Meanwhile, the secondary space was largely flat on Friday as equities turned to red.
New paper remained in focus with both of Thursday’s deals performing well in the aftermarket, despite mixed receptions in the primary.
While struggling during bookbuilding, U.S. Renal Care, Inc.’s 10 5/8% senior notes due 2027 (Caa2/CCC+) were trading at a premium to their issue price in the secondary.
Radian Group Inc.’s newly priced 4 7/8% senior notes due 2027 (Ba2/BB+) were also trading up in the secondary space.
Outside of the new paper, Frontier Communications Corp.’s junk bonds remained in focus as the company engages in informal restructuring talks with creditors regarding its senior notes with upcoming maturities.
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