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Frontier plans notes; Varex improves; WPX boosted; Cleveland-Cliffs up; American higher
By James McCandless and Paul A. Harris
San Antonio, Sept. 28 – The observation of Yom Kippur served to mute activity in the leveraged markets on Monday as news of mergers and acquisitions drove the majority of high-yield secondary activity.
Frontier Communications Corp. set an investor conference call for Tuesday to shop a $1.15 billion offering of seven-year first lien senior secured notes (B3/B+/BB+) with which it intends to exit bankruptcy.
New notes from Varex Imaging Corp. continued to improve after coming to market at the end of last week.
Meanwhile, in oil and gas, WPX Energy, Inc.’s issues saw a boost after news broke that it was being bought by a sector peer.
Steel name Cleveland-Cliffs, Inc.’s paper ended in a better position after announcing the acquisition of a competitor.
In the travel space, American Airlines Group, Inc.’s notes pushed higher after the company secured billions more in a loan from the federal government.
Commercial flyer United Airlines Holdings, Inc.’s issues varied.
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