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Primary sees most active week in 2018; Verscend prices; Herbalife, Marriott trade up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 10 – The high-yield primary market rounded out its most active week so far this year with the pricing of a $1.1 billion deal.
The Aug. 6 week saw a total of $9.83 billion price, the heaviest volume week of 2018, which has seen new deal volume lagging by up to 30% compared to 2017.
Verscend Holding Corp. put the wrapper on the week and priced a downsized $1.1 billion issue of eight-year senior notes (Caa2) at par to yield 9¾% on Friday.
There is a modest forward calendar for the coming week with CURO Group Holdings Corp. in the market with a $675 million offering and Frontdoor Inc. expected to price a $350 million offering.
Envision Healthcare Corp. is expected to bring a $2.15 billion deal after Labor Day.
While trading volume was light on Friday, the $4.63 billion in new paper that priced on Thursday was in focus in the secondary space with mixed results.
However, Marriott Vacations Worldwide Corp.’s 6½% senior notes due 2026 (S&P: BB-) were trading up in decent volume.
Herbalife Nutrition Ltd.’s 7¼% senior notes due August 2026 (B1/BB-) remained strong in the secondary market with the notes continuing to trade about 1 point over their issue price.
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