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United Rentals prices; Bally’s junk megadeal on deck; Venture Global skyrockets in secondary
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 30 – The domestic high-yield primary market rounded out an active week with one drive-by deal pricing.
United Rentals (North America), Inc. priced a $750 million issue of 10.5-year senior notes (Ba2/BB).
The coming week also promises to be active with $2.3 billion already on the forward calendar.
Bally’s Corp. plans to price a $2 billion two-part offering of senior notes (B3/CCC+/B-) and MDC Partners is expected to show up with a sizeable offering.
Meanwhile, it was a quiet end to the week in the secondary space with the market slightly softer as equities closed the day in the red.
However, volume outside of recent issues remained light and the majority of new deals continued to perform well.
Venture Global Calcasieu Pass LLC’s two tranches of senior secured notes (Ba3/BB) skyrocketed in the aftermarket with the notes continuing to gain on Friday following a strong break.
Centene Corp.’s new split-rated 2 5/8% senior notes due 2031 (Ba1/BBB-/BB+) were also trading at a premium to their issue price.
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