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Herbalife, Newell price; Goodyear adds on; Edgewell, Park Hotels gain; Talen flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 20 – While the domestic high-yield primary market slowed its pace on Wednesday, it did not come to a stop with three drive-by deals clearing the market.
Newell Brands Inc. priced a $500 million issue and Herbalife Nutrition Ltd. and HLF Financing, Inc. sold a $600 million issue.
Goodyear Tire & Rubber Co. also priced an upsized $200 million add-on to its recent issue 9½% senior notes due May 31, 2025 (B2/B+/BB-).
Meanwhile, the secondary space was strong on Wednesday with the cash bond market up 1 point on optimism over the slow reopening of certain states and regions.
New paper continued to dominate trading activity.
Cushman & Wakefield’s 6¾% senior notes due 2028 (Ba3/BB-) jumped in high-volume activity.
Edgewell Personal Care Co.’s 5½% senior notes due 2028 (Ba3/BB) and Park Hotels & Resorts Inc.’s 7½% senior notes due 2025 (B1/BB-) were also trading with large premiums.
However, Talen Energy Supply LLC’s 7 5/8% senior notes due 2028 (Ba3/BB-) fell flat in the aftermarket.
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