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Fortress begins roadshow; Carnival gives back gains; Post gains on tender offer; PetSmart upgraded
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 27 – In Monday's high-yield primary market Fortress Transportation and Infrastructure Investors LLC began a telephone roadshow for a $500 million offering of FTAI Escrow Holdings, LLC five-year senior secured notes.
Initial guidance has the notes coming with a coupon of 10¼% to 10½% at an original issue discount to yield 11%.
The deal, backing the spinoff of FTAI Infrastructure Inc., is expected to price Wednesday.
No dollar-denominated deals priced during the Monday session.
Meanwhile, the secondary space was quiet on Monday with the market flat to slightly softer following Friday’s strong session, a source said.
Trading volume remained thin with large, liquid issues continuing to dominate the tape.
Carnival Corp.’s senior notes remained volatile in heavy volume on Monday with the notes giving back their gains from Friday’s session.
Topical news also helped lift some outstanding issues.
Post Holdings, Inc.’s 4½% senior notes due 2031 improved on Monday following a tender offer.
PetSmart LLC and PetSmart Finance Corp.’s 7¾% senior notes due 2029 (B3/CCC+) were lifted after a ratings upgrade.
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