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CNO Financial prices; Frontier gains; Teva’s downward spiral continues; CRC drops
By Abigail W. Adams
Portland, Me., May 29 – While activity in the domestic high-yield primary market was slow on Wednesday, one deal did clear the forward calendar.
CNO Financial Group Inc. priced an upsized $500 million in 10-year senior notes (Baa3/BB+/BB+) on Wednesday at par to yield 5¼%, according to a market source.
While the forward calendar is thin, Neiman Marcus Group Ltd. LLC remains in the market with its $550 million offering of five-year second-lien notes.
And GoDaddy Operating Co. and GD Finance Co. Inc. are expected to price their $600 million of long eight-year senior notes (B1/B+) on Thursday.
Meanwhile, the secondary space was soft on Wednesday as a risk-off attitude pervaded the market.
However, Frontier Communications Corp.’s capital structure was making gains after news broke that the telecommunications company sold its assets and operations in four states.
Teva Pharmaceutical Industries Ltd.’s junk bonds remained in focus with the notes continuing their downward spiral as the legal woes of the generic drug maker mount.
California Resources Corp.’s bellwether 8% senior notes due 2022 traded down in high-volume activity on Wednesday with crude oil futures volatile.
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