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Savers prices; Crescent Energy strengthens; Carnival junk bonds sought; Citrix climbs
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 26 – The junk bond primary market saw a single dollar-denominated deal price on Thursday with two more on the forward calendar.
Savers Value Village, Inc. priced an upsized $550 million issue of senior secured notes at a discount.
Mauser Packaging Solutions Holding Co.’s offering for $2.75 billion of senior first-lien notes due Aug. 15, 2026 and Borr Drilling Ltd.’s $150 million offering of three-year senior secured first-lien notes remain on the forward calendar with Borr expected to price before the week draws to a close and Mauser on deck for the coming week.
Meanwhile, the secondary space was once again on the rise on Thursday with the cash bond market adding another ¼ point after a largely sideways week.
New paper remained in focus with Crescent Energy Co.’s 9¼% senior notes due 2028 (B1/B+/BB-) opening the day flat but gaining strength as the session progressed.
Carnival Corp.’s senior notes were sought after on Thursday with the cruise line operator’s capital structure lifted with the GDP report alleviating some recession concern.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) outperformed the market with the notes trading up to their highest level since the $4 billion issue priced.
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