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Ardagh Packaging prices; Restaurant Brands tumbles; Tenet Healthcare, TransDigm trade up
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 3 – The domestic high-yield primary market closed out an active week with one additional deal clearing the primary market.
Ardagh Packaging priced $500 million of five-year senior secured notes (B1/BB/BB+) in a Friday drive-by.
While secondary trading volume remained relatively light, liquidity was improving with the past week’s record inflow and the influx of new paper helping to jog activity.
While the overall market was down, the majority of paper to price during Thursday’s session was performing well.
Restaurant Brands International Inc.’s newly priced 5¾% first-lien senior secured notes due 2025 (existing ratings Ba2/BB+) were the exception with the notes tumbling back down toward par after seeing a strong break.
Tenet Healthcare Corp.’s 7½% first-lien senior secured notes due 2025 (B1/BB-/B+) were trading with a large premium.
TransDigm Inc.’s 8% senior secured notes due 2025 (Ba3/B+) outperformed with the company well-liked by investors.
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