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CrowdStrike, Vector price $1.63 billion; Antero moves up; T-Mobile, Outfront, Level 3 flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 12 – The primary high-yield market served up $1.63 billion from two deals which were expected.
Vector Group Ltd. sold an upsized $875 million issue and CrowdStrike Holdings, Inc. wrapped its $750 million offering earlier than announced.
Meanwhile, the secondary space was again largely unchanged on the day with the market “in a standstill,” a source said.
Several recent issues were wrapped around their issue prices in active trading, which sources attributed to their tight pricings.
T-Mobile USA, Inc.’s three tranches of senior notes (Ba3/BB/BB+), all which priced with 2-handles, were largely stuck at par in the aftermarket.
Level 3 Financing Inc.’s 3¾% senior notes due 2029 (Ba3/BB) and Outfront Media Capital LLC’s 4¼% senior notes due 2028 also fell flat in active trading.
However, Antero Resources Corp.’s 7 5/8% senior notes due 2028 (B2/B+) were putting in a strong performance with the notes climbing to a 101-handle.
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