By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 27 – In Monday's dollar-denominated market two issuers stepped forward with megadeals, both of which are expected to price Tuesday.
Teva Pharmaceutical Industries Ltd. announced a $2.06 billion equivalent offer of sustainability-linked senior notes (Ba2/BB-/BB-), and Triumph Group, Inc. will attempt to place $1.2 billion of five-year senior secured first-lien notes.
Meanwhile, the secondary space opened the week strong with buyers returning to the space after the heaviness of the previous session.
Topical news and large, liquid issues were driving activity in the secondary space.
Tegna Inc.’s senior notes (Ba3/BB) were in focus, tanking after the Federal Communications Commission dealt a blow to Standard General’s acquisition of the company.
Tegna’s senior notes fell to a new historic low on the news.
| While Tegna’s senior notes cratered due to topical news, TransDigm, Inc.’s 6¾% senior secured notes due 2028 (Ba3/B+) and Uniti Group LP, | Uniti Fiber Holdings Inc., | Uniti Group Finance 2019 Inc., | CSL Capital, LLC’s 10½% senior secured notes due 2028 (B2/B/BB+) | improved alongside the broader market.
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