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Moog, iStar price; Twitter in focus, holds premium; Select Medical active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 6 – The domestic high-yield primary market closed out an active week with another $1.05 billion pricing in two deals.
Moog Inc. priced an upsized $500 million issue of eight-year senior notes (Ba3/BB) and iStar Inc. priced an upsized $550 million issue of 5.5-year senior bullet notes (Ba3/BB-) during Friday’s session.
The week ahead also promises to be active with a robust forward calendar that includes Cox Media Group/Terrier Media Buyer, Inc.’s $1,165,000,000 offering (Caa1/CCC+), EnerSys’ $300 million offering (expected ratings Ba3/BB+), and AmWINS Group, Inc.’s $250 million add-on to its 7¾% senior notes due July 1, 2026 (existing ratings B3/B-).
New paper remained the focus of secondary trading activity.
Twitter, Inc.’s newly priced 3 7/8% senior notes due 2027 (Ba2/BB+) were the most actively traded issue in the secondary space with the notes maintaining their slight premium.
Select Medical Corp.’s 6¼% senior notes due Aug. 15, 2026 (B3/B-) were also active and trading at a large premium to their reoffer price following Thursday’s add-on.
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