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McClatchy prices; Community Health, Nationstar, Stars, AmWins, LGI strong
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 29 – Trailing a high-volume Thursday which put up the biggest single-session total of dollar-denominated issuance year-to-date, Friday was relatively quiet in the primary market.
McClatchy Co. priced a $310 million issue of 9% eight-year senior secured notes (expected B1/confirmed B-) at 97.242 to yield 9½%.
Like many of Thursday’s deals, the new notes moved well above their issue price in secondary trading.
New issue activity in the domestic and European market is expected to be muted in the week ahead.
However, a growing pipeline of merger and acquisition financing is taking shape for the second half of 2018, which is expected to generate hefty amounts of junk bond issuance, sources said.
The $4.68 billion in six deals that priced on Thursday was well placed with trading activity slowing into Friday afternoon, a market source said.
Nationstar Mortgage Holdings Inc.’s newly priced 8 1/8% senior notes due 2023 and 9 1/8% senior notes due 2026 were in high demand in the secondary space with the notes more than 1.5 points above their issue price.
New notes from Stars Group Holdings BV, AmWINS Group, Inc., LGI Homes, Inc. and CHS/Community Health Systems also continued to trade well above their issue prices.
While the secondary space has been heavy, it was seen firming on Friday with the market in general up an 1/8 to ¼ point, a market source said.
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