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Sizzling Platter, Chemours, Interface price; Continental gains; MultiPlan drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 12 – Three issuers priced deals for $1.45 billion in the high-yield primary market on Thursday.
Sizzling Platter, LLC, Chemours Co. and Interface Inc. brought three separate deals with mixed executions as pandemic concerns and capital markets looked troubled in post-holiday trades.
Meanwhile, in the secondary space Continental Resources Inc.’s 5¾% senior notes due 2031 (Ba1/BB+/BBB-) were in focus with the notes continuing to gain after a strong break.
However, several of the deals to price during Monday’s strong market conditions remained flat in the aftermarket.
Allison Transmission Inc.’s 3¾% senior notes due 2031 (Ba3//BB) remained wrapped around par in high-volume activity, which sources attributed to their tight pricing and large issue size.
Sunoco LP’s 4½% senior notes due 2029 (B1/BB-), in contrast, continued to outperform with the notes holding on to their gains.
Outside of new deals, MultiPlan’s 5¾% senior notes due 2028 (B3/B-) returned to focus with the notes sinking to a new low on Thursday following earnings and a short-seller report that alleged the company was on the verge of losing its largest customer.
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