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Primary prices fresh $5.5 billion; new deals in focus, trade up in secondary
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 15 – The domestic high-yield primary market continued its breakneck pace, pricing a cumulative $5.5 billion over six deals with razor-sharp executions.
Meanwhile, the secondary space remained firm amid the influx of new paper.
Despite the abundance of supply, demand remained strong. “It’s been a frenzy really,” a source said.
Park Hotels & Resorts Inc.’s 5 7/8% senior secured notes due 2028 (B1/BB-), Cheniere Energy Inc.’s 4 5/8% senior secured notes due 2028 (Ba3/BB) and Nexstar Broadcasting, Inc.’s 4¾% senior notes due 2028 (B3/B) all saw strong breaks after freeing for trade.
Shea Homes LP’s recently priced 4¾% senior notes due 2029 (B1/BB-), Hologic, Inc.’s 3¼% senior notes due 2029 (Ba2/BB-), Gartner, Inc.’s 3¾% senior notes due 2030 (existing ratings Ba3/BB) and Uber Technologies Inc.’s 6¼% senior notes due 2028 (B3/CCC+) continued to gain in active trading on Tuesday.
However, New Residential Investment Corp.’s 6¼% senior notes due 2025 (B3/B-) stood poised to close Tuesday flat.
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