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United Rentals closes $5.6 billion week; new deals busy; Toys, hospitals, grocers off
By Paul Deckelman and Paul A. Harris
New York, Sept. 8 – The high-yield primary market – after reviving from its traditional late-summer lull – closed out the week in fine fashion on Friday as construction and industrial equipment rental and leasing company United Rentals (North America) Inc. priced a quickly shopped $1.5 billion two-part offering.
Traders said that both tranches firmed when they hit the aftermarket, although initial trading volume was limited.
The United Rentals deal raised the week’s new-issuance total of dollar-denominated and fully junk-rated paper to $5.6 billion – in contrast to the complete lack of any new paper over the preceding two weeks. Year-to-date volume remained robustly ahead of last year’s pace.
Junk bond traders meanwhile saw brisk activity in some of the deals that made their debut this week, including Station Casinos LLC – the day’s volume leader – ViaSat, Inc. and MGM Growth Properties, LLC.
Away from the new deals, the traders said that Toys ‘R’ Us Inc. bonds remained under pressure on investor concerns about a possible future bankruptcy filing as the retailer looks to restructure its nearest upcoming debt maturity.
They also saw bonds of supermarket operators such as Fresh Market Inc. and Albertsons Cos. LLC struggling.
And hospital operators Tenet Healthcare Corp. and Community Health Systems Inc. were lower on worries that their Florida facilities may face damage as Hurricane Irma bears down upon the not-so-Sunshine State this weekend.
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