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Blue Racer, Virtusa price; Fortress adds on; Guitar Center outperforms; LBM at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Dec. 9 – Buyers were receptive and available for the three domestic deals which priced in the Wednesday junk bond market.
On the heels of a massive Tuesday, $1.3 billion of new paper priced over the Wednesday session from Fortress Transportation and Infrastructure Investors LLC, Virtusa Corp. and Blue Racer Midstream, LLC/Blue Racer Finance Corp.
Meanwhile, the secondary space was down slightly on Wednesday although the market still felt relatively well bid despite a red day for equities, in particular, equities from the tech sector.
New paper dominated the tape after more than $5 billion priced on Tuesday.
Guitar Center, Inc.’s 8½% senior secured notes due 2025 (Caa1/B-) outperformed in the aftermarket with the notes jumping to a 104-handle.
LBM Acquisition, LLC’s 6¼% senior notes due 2028 (B2/CCC+/CCC+) and Occidental Petroleum Corp.’s two-tranches of senior notes (expected ratings Ba2/BB-/BB) were also trading with large premiums.
While trading with a nominal premium, GrafTech International Ltd.’s 4 5/8% senior notes due 2028 (B1/BB-) and OneMain Finance Corp.’s 4% senior notes due 2030 (Ba3/BB-//Kroll: BB+) remained on a par-handle.
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