Cleveland-Cliffs prices; Bausch Health pulls offering; Uniti in focus; Tutor Perini jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 2 – Following a week with no new issuance, the domestic high-yield primary market saw one deal price on Monday.

Cleveland-Cliffs Inc. priced a revised $725 million offering at a discount.

However, Bausch Health Americas Inc. announced it would not be moving forward with a planned offering of senior notes.

Meanwhile, the secondary space saw another volatile day with the market opening with losses but closing the day with gains.

Anticipation the Federal Reserve will help ward off the economic impact of the coronavirus with another rate cut helped buoy the secondary space.

However, the wild fluctuations were creating paralysis with many unsure of the future direction of the market, a source said.

With a shortage of new paper, topical news was a major driver of trading activity on Monday.

Uniti Group Inc.’s junk bonds were in focus and posting gains following news of a settlement with its former parent company Windstream Holdings Inc.

Tutor Perini Corp.’s 6 7/8% senior notes due 2025 jumped in active trading following news of a takeover bid.

After suffering the brunt of last week’s sell-off, the oil patch firmed on Monday with Range Resources Corp.’s, Chesapeake Energy Corp.’s and Whiting Petroleum Corp.’s junk bonds all improving in active trading.

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