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PRA, Spring Window on tap in HY; CNX, Diversey on 101-handles; Coinbase losses mount
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 16 – The domestic high-yield primary market was quiet on Thursday.
However, two deals remain on the forward calendar and are expected to price during Friday’s session.
PRA Group, Inc. is on deck with a $300 million offering of eight-year senior notes (Ba2//BB+) and Spring Window Fashions is in the market with a $625 million offering of eight-year senior notes (Caa2/CCC).
Meanwhile, the secondary space was also quiet with volume outside of new and recent issues light.
ASP Unifrax Holdings, Inc.’s two tranches of senior notes outperformed with the notes trading 2 to 3 points above their issue prices.
CNX Midstream Partners LP’s 4¾% senior notes due 2030 (existing ratings B1/B-) and Diversey Holdings Ltd.’s 4 5/8% senior notes due 2029 (Caa1/B) were also putting in strong performances with the notes on 101-handles.
However, Coinbase Global, Inc.’s two-tranches of senior guaranteed notes (Ba1/BB+) remained under pressure with both tranches down more than 1 point to close the day wrapped around 98.
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