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Providence prices; Dave & Buster’s, Ingevity at a premium; Restaurant Brands flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 21 – The new issue market remained active on Wednesday, with Providence Service Corp. pricing a $500 million issue of 5 7/8% five-year senior notes (B2/B+) inside of talk, and J.B. Poindexter & Co., Inc. with a tap of its 7 1/8% senior notes due April 15, 2026.
There is still a lot of wood to chop – $3.6 billion from eight prospective issuers – in the final two sessions of the Oct. 19 week, including two PIK toggle holdco dividend deals (see forward calendar in this issue).
Meanwhile, it was a sidewise day in the secondary space as stimulus headlines continued to whipsaw equity markets.
While the market tone is far from euphoric, the high-yield space has held steady amid the volatility in equities with the market largely shrugging off concerns about a stimulus deal and the election, a source said.
“People are in wait-and-see mode,” the source said.
New issues remained the focus of secondary market activity although their performances were mixed.
Dave & Buster's Entertainment, Inc.’s 7 5/8% senior secured notes due 2025 (Caa1/B-) and Ingevity Corp.’s 3 7/8% senior notes due 2028 (Ba3//BB) were both trading with the large premiums in high-volume activity.
However, Restaurant Brands International Inc.’s 3˝% secured notes due 2029 (Ba2/BB+) fell flat in active trading.
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