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Junk: Permian Resources, Heartland add-on price; Alteryx jumps on sale spec
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 6 – Permian Resources Corp. and Heartland Dental used the back-to-business window on Wednesday in the junk bond market to bring a cumulative $665 million of new paper.
Meanwhile, it was another soft day in the secondary space, although the sell-off showed signs of subsiding.
While the cash bond market ended the day down ¼ point, buyers emerged midsession to lift the market into the close, a source said.
While soft, liquidity remained thin as market players awaited the reactivation of the primary market.
As the market awaited the deals in the pipeline, topical news was the driver of activity in the space.
Alteryx, Inc.’s 8¾% senior notes due 2028 (B3/B) were among the largest gainers in the space with the notes bouncing 5 points on rumors the company was exploring a sale.
Anywhere Real Estate Inc.’s senior notes (B3/B-) also made large gains after the real estate services company settled two class action lawsuits.
However, Gray Television, Inc.’s senior notes (B3/B) were under pressure with the company the latest broadcaster to get hit by investor concern over carriage fee disputes.
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