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Iron Mountain drives by, Post Holdings prices; II-VI gains; W.R. Grace, At Home Group active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 13 – Monday's session in the new-issue market saw two issuers price $1.25 billion face amount of junk in two tranches.
Both deals saw significant upsizes.
Iron Mountain Information Management Services, Inc. priced a $750 million issue —upsized from $500 million — of 5% senior notes due July 2032
Post Holdings, Inc. priced an upsized $500 million add-on to its 5˝% senior notes due Dec. 15, 2029.
Meanwhile, it was a quiet day in the secondary space with the market largely unchanged despite the pressure in equities.
Many market players are in wait-and-see mode with the Federal Reserve’s highly anticipated announcement on Wednesday expected to shed light on the future schedule for rate hikes, sources said.
II-VI Inc.’s recently priced 5% senior notes due 2029 (B2//BB) continued to gain in active trading.
W.R. Grace Holdings LLC's 5 5/8% senior secured notes due 2029 (B3/CCC+/B+) were active although little changed in the high-volume activity.
Ambience Merger Sub, Inc.’s (At Home Group Inc.) secured and unsecured notes were also active with both tranches bouncing off their recent lows.
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