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Primary prices $4.85 billion in six tranches; WillScot, Axalta, Virgin Media trade up
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 2 – The domestic high-yield primary market’s drive-by window was wide open on Tuesday with five issuers pricing a cumulative $4.85 billion in six tranches.
Altice USA Inc. priced $1.725 billion in two tranches; Citgo Petroleum Corp. priced $1.125 billion; MGM Growth Properties Operating Partnership LP and MGP Finance Co-Issuer, Inc. priced $800 million; Endeavor Energy Resources LP and EER Finance Inc. priced $600 million; and Tenet Healthcare Corp. priced $600 million.
Meanwhile, in the secondary space WillScot Corp.’s 6 1/8% senior notes due 2025 (B3/B), Axalta Coating Systems Ltd.’s 4¾% senior notes due 2027 (B1/BB-), and Virgin Media Finance plc’s 5% senior notes due 2030 (Ba3/BB-) were all well above their issue prices in secondary market activity.
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