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United Rentals on a 3-handle; NFP weakens; G-III at a premium; Charter active
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 31 – The domestic high-yield primary market rounded out the first month of the third quarter with a $1 billion plus offering clearing the market.
United Rentals (North America), Inc. priced a $1.1 billion offering of senior notes due Feb. 15, 2031 (Ba3/BB-) on a 3-handle in a drive-by.
The primary market will launch August with a few deals on the forward calendar, including Western Global Airlines LLC’s $420 million offering of five-year senior notes (B3/B-/B+) and Israel-based Leviathan Bond Ltd.-Delek’s $2.25 billion four-part secured notes offering (Ba3/BB-/BB).
Meanwhile, the secondary space was largely unchanged on Friday despite a volatile day for equities, a market source said.
After a strong break, NFP Corp.’s 6 7/8% senior notes due August 2028 (Caa2/CCC+) gave back much of their gains during Friday’s session.
G-III Apparel Group Ltd.’s 7 7/8% senior secured notes due August 2025 (Ba3/BB) were trading at a healthy premium in high-volume activity.
Charter Communications Inc. subsidiaries CCO Holdings LLC/CCO Holdings Capital Corp.’s 4¼% senior notes due Feb. 1, 2031 (B1/BB) were active and making nominal gains after a large earnings beat.
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