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Primary prices $5.78 billion in nine deals; Albertsons, Windstream, Targa price; Ball lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 11 – A torrent of deals, $5.78 billion in nine junk-rated dollar-denominated tranches, cleared the high-volume high-yield primary market on Tuesday.
The onslaught of new issuance included megadeals from Albertsons Cos., Inc., Windstream Communications, and Targa Resources Partners LP and Targa Resources Partners Finance Corp.
WillScot Mobile Mini Holdings Corp., Covanta Holding Corp., Xenia Hotels & Resorts, Inc., and Post Holdings, Inc. also saw deals clear the market.
New paper continued to dominate activity in the secondary space. However, some of the new issues were beginning to show signs of weakness.
Ball Corp.’s 2 7/8% senior notes due 2030 (Ba1/BB+), which broke records for its tight pricing, was lagging its issue price in the secondary space.
Windstream Communications’ notes were also at times lagging their issue price after breaking for trade.
However, Wyndham Hotels & Resorts, Inc.’s 4 3/8% senior notes due 2028 (Ba2/B+), Iron Mountain Inc.’s 4½% senior notes due 2031 (Ba3/BB-) and CDW LLC’s 3¼% senior notes due 2029 (Ba2/BB-) were all trading with premiums in high-volume activity.
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