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Clean Harbors, SiriusXM, Multi-Color, Cedar Fair, LSB add-on price; DriveTime postpones
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 18 – For the seventh time in 2019, the domestic high-yield primary market topped the $4 billion mark on Tuesday with most of the session's issuers selecting the drive-through window.
SiriusXM priced an upsized $1.5 billion of five-year senior notes (Ba3/BB) at par to yield 4 5/8% in a deal that nearly doubled in size.
After revisions to talk and size and covenant changes, Multi-Color priced a $1.39 billion two-tranche offering.
Clean Harbors, Inc. priced an upsized $845 million two-tranche offering of senior notes (Ba3/BB+).
Cedar Fair, LP priced a $500 million issue of 10-year senior notes (B1/BB-) at par to yield 5¼%.
And LSB Industries, Inc. priced a $35 million add-on to its 9 5/8% senior secured notes due May 1, 2023 (Caa1/CCC+) at 102.125 to yield 8.955%.
Meanwhile, DriveTime Automotive Group, Inc. postponed its $350 million offering of seven-year senior secured notes (B3/B-), citing market conditions.
The primary market will continue to churn out new deals on Wednesday with Nexstar Broadcasting, Inc.’s $1.12 billion offering of eight-year senior notes (S&P: B) on deck.
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