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Acadia, Level 3, Delta, New Gold price; Hillenbrand, Realogy, BWX up; American Axle lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 10 – The domestic high-yield primary market had another active session.
Delta Air Lines Inc. price a $1.25 billion issue of long five-year senior notes (expected ratings Baa3/BB/BB+).
Level 3 Financing, Inc. priced an upsized $1.2 billion issue of eight-year senior notes (Ba3/BB/BB).
Acadia Healthcare Co., Inc. priced a $450 million issue of eight-year senior notes (Caa1/B-).
New Gold Inc. priced a $400 million issue of seven-year senior notes (Caa1/B).
And Virgin Media Inc. priced an £800 million equivalent two-tranche offering, which included a $500 million dollar-denominated tranche.
Meanwhile, in the secondary space, Hillenbrand, Inc.’s newly priced 5¾% senior notes due 2025 (Ba1/BB+/BB+) continued to trade several points above their issue price.
Realogy Group LLC and Realogy Co-Issuer Corp.’s 7 5/8% senior secured second-lien notes due 2025 (B3) and BWX Technologies Inc.’s 4 1/8% senior notes due 2028 (Ba3/BB) were also trading with healthy premiums in the aftermarket.
However, American Axle & Manufacturing, Inc.’s 6 7/8% senior notes due 2028 (B2/B-) were struggling with the notes lagging their issue price.
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