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Ceva launches offering; California Resources, SFR Group in focus; Endo sees gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 9 – The domestic and European primary market remained quiet on Monday in the return from the holiday week.
Tribal gaming concern Enterprise Development Authority is still believed to be in the market with a $440 million offering.
CEVA Logistics announced plans on Monday to price $350 million of new senior secured notes as part of a refinancing effort.
The market was in general up on Monday with most high beta names seeing gains, sources said.
California Resources Corp.’s 8% senior notes due 2022 were the most actively traded name in the secondary space with the notes seeing gains alongside the barrel price of West Texas intermediate crude oil for August delivery.
SFR Group’s 6% senior notes due 2022 were also in focus and were a “touch better” on Monday after parent organization Altice reaffirmed the company would not be sold and launched a refinancing package, a market source said.
Endo International plc’s junk bonds were also active and seeing gains in the secondary space with previously settled litigation less than expected and the company’s subsidiary commencing the distribution of a generic treatment for gout.
HCA Inc.’s junk bonds were also active and making gains in the secondary space alongside the broader market.
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