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Tegna, WPX Energy, Nabors, M/I Homes price; MDC mixed; Icahn active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 7 – The domestic high-yield primary market intensified its pace on Tuesday with four issuers pricing a total of $3.3 billion over five tranches.
Nabors Industries Ltd. priced an upsized $1 billion over two tranches (Ba2/BB-/BB-), Tegna Inc. priced a $1 billion issue of eight-year senior notes (Ba3/BB), WPX Energy, Inc. priced a restructured $900 million issue of 10-year senior notes (B1/BB-/BB), and M/I Homes Inc. priced an upsized $400 million issue of eight-year senior notes (B1/BB-).
The forward calendar continued to grow with CVR Energy, Inc. planning a roadshow for a $1.1 billion two-part offering of senior notes.
Meanwhile, all eyes were on the active pipeline of new paper set to enter the secondary space.
Tegna’s new notes had a strong break and were seen changing hands at a large premium in active trading.
MDC Holdings, Inc.’s recently priced 3.85% senior notes due 2030 (Ba2/BB+/BBB-) were lagging their issue price in heavy volume.
However, the Denver-based home building and financial services provider’s 6% senior notes due 2043 were on the rise during Tuesday’s session.
Icahn Enterprises LP and Icahn Enterprises Finance Corp.’s 4¾% senior notes due 2024 and 5¼% notes due 2027 were also active following the pricing of add-ons during Monday’s session with the notes trading at slight premiums to their reoffer price.
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