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Getty prices; Ascend Learning up; Teva drops; McDermott tanks; Diebold Nixdorf soars
By Paul A.Harris and Abigail W.Adams
Portland, Me., Feb.13 – The high-yield primary market cleared the forward calendar on Wednesday with the sole deal remaining in the market pricing.
Getty Images Inc.priced a downsized $300 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 9¾%.
While the forward calendar is now empty, new deal activity is expected to resume as earnings season begins to peter out.
Meanwhile, the secondary space was largely flat on Wednesday after a strong day on Tuesday. Earnings and company-related news pushed outstanding issues into the spotlight.
While Ascend Learning, LLC’s 6 7/8% senior notes due 2025 (Caa2/CCC) were trading well above their issue price in the secondary space, trading of the new paper was relatively light.
Teva Pharmaceutical Industries’ junk bonds were among the most actively traded issues in the secondary space with the notes losing ground following the company’s earnings report.
Diebold Inc.’s 8½% senior notes due 2024, in contrast, soared following the company’s earnings report with the notes gaining double digits.
However, McDermott International Inc.’s 10 5/8% senior notes due 2024 tanked on Wednesday after the company announced overruns on one of its construction projects resulting in an adverse charge.
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