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Junk: Cushman & Wakefield prices; TransDigm flat; Light and Wonder, Clear Channel gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 10 – Cushman & Wakefield priced Thursday’s sole junk deal, a downsized $400 million issue of Cushman & Wakefield U.S. Borrower, LLC 8 7/8% eight-year senior secured notes (Ba3/BB) that came at 99.293 to yield 9%.
The yield came tight to downwardly revised yield talk.
Demand for the deal built to $2.6 billion prior to the downsize, after which it fell off somewhat, according to a sellside source.
The deal brought the week’s total issuance to $4.69 billion, making it the biggest week thus far in the 2023 third quarter.
Not bad for an August week, a portfolio manager pronounced. The manager then added that the shadow calendar for the remainder of the summer is not particularly big.
Light and Wonder International, Inc.’s 7½% senior notes due 2031 (B3/B+/BB) were trading with a strong premium in the aftermarket despite their tight pricing.
While TransDigm Inc.’s 6 7/8% senior secured notes due 2030 (Ba3/B+) improved after a weak break, they were wrapped around their issue price with tight pricing leaving them nowhere to go.
Clear Channel Outdoor Holdings, Inc.’s 9% senior secured notes due 2028 (B1/B) initially saw a lackluster start in the aftermarket, but they made nominal gains during Thursday’s session.
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