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Kraton Polymers, Ford price; forward calendar grows; Radiology Partners jumps; Cheniere active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 7 – The Dec. 7 week got off to a big start on Monday with two issuers pricing a total of three tranches of dollar-denominated notes and dealers pushing the active forward calendar to $3.93 billion.
In a deal that bore some earmarks of an investment-grade trade, but was talked at yields, Ford Motor Credit Co. LLC priced $1.25 billion and £750 million of fixed-rate notes (expected ratings Ba2/BB+/BB+) in three tranches.
Kraton Corp. priced a $400 million issue of five-year senior notes (existing ratings B2/BB-).
Meanwhile, the forward calendar ballooned with Occidental Petroleum Corp., GrafTech International Ltd., Rayonier A.M. Products Inc. and Guitar Center, Inc. all launching offerings.
Meanwhile, the secondary space was largely unchanged on Monday after closing out last week at its tightest level since February.
New paper remained in focus and continued to perform well.
Radiology Partners, Inc.’s 5¼% senior secured notes due 2025 (B3/B-) continued to gain in active trading after a strong break.
Outside of recent issues, Cheniere Energy Inc.’s 4 5/8% senior notes due 2028 (Ba3/BB) saw renewed attention in the secondary space with the notes slightly improved despite a drop in natural gas futures.
Diamond Sports Group LLC and Diamond Sports Finance Co.’s 5 3/8% senior secured notes due 2026 continued to recover in active trading.
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