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Graham Packaging prices, soars in aftermarket; Cenovus upsizes; Calpine in focus; Summit gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 28 – The domestic high-yield primary market was active on Tuesday with two deals pricing and the forward calendar growing.
In drive-by action, Cenovus Energy Inc. priced an upsized $1 billion amount of split-rated five-year senior bullet notes (Ba2/BBB-/BB+).
Graham Packaging Co. Inc. also priced a $510 million issue of eight-year senior notes (Caa1/CCC+), which skyrocketed after breaking for trade.
And G-III Apparel Group Ltd. joined the forward calendar with a $350 million offering of five-year senior secured notes (Ba3/BB+).
Meanwhile, in the secondary space, Calpine Corp.’s two tranches of senior notes (B) were in focus with both tranches trading at premiums to their issue prices.
Summit Materials, LLC and Summit Materials Finance Corp.’s 5¼% senior notes due 2029 (B2/BB) continued to climb higher in active trading.
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