Millicom prices; TransDigm rises on acquisition; energy mixed; Teva Pharaceutical improves

By James McCandless and Paul A Harris

San Antonio, Oct. 11 – The high-yield new issue market continued to operate on Thursday with Millicom International Cellular SA pricing $500 million of eight-year senior notes, while secondary market saw a mixed day against an overarching selloff bearing down from the equity market.

Millicom, a Luxembourg-based telecom that operates in Latin America and Africa, priced the notes at par to yield 6 5/8%.

Italian pharmaceutical firm Recordati SpA expects to price €1.28 billion of seven-year senior secured notes in two tranches on Friday.

In the secondary market, TransDigm Inc.’s notes gained after the company announced that it would be acquiring competitor Esterline Technologies Corp., which resulted in a decline in Bombardier Inc.’s issues.

In the energy space, California Resources Corp.’s paper declined as Petroleo Brasileiro SA saw mixed results.

Elsewhere, Teva Pharmaceutical Industries Ltd.’s notes improved in the medical sector.

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