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Warrior Met Coal prices, gains on break; HUB at slight premium in junkland; Hertz comes in
By Abigail W. Adams
Portland, Me., Nov. 19 – The domestic high-yield primary market cooled its pace on Friday with one small offering clearing the market.
Warrior Met Coal, Inc.’s $350 million offering of seven-year senior secured notes (B1/BB) was the sole deal to price on Friday.
The notes saw a strong break and were trading at a solid premium to their discounted issue price.
While the forward calendar is empty heading into the Nov. 22 week, a flurry of deals is expected on Monday and Tuesday before the market goes quiet for the Thanksgiving holiday in the United States.
Meanwhile, the secondary space was soft on Friday although volume remained light outside of new deals.
Nabors Industries, Inc.’s new 7 3/8% senior priority guaranteed notes due 2027 (B3/B-/B) were in focus with the notes putting in a strong performance.
However, the oil and gas drilling contractor’s 5¾% senior notes due 2025 were down in active trading.
HUB International Ltd.’s new 5 5/8% senior notes due 2029 (Caa2/CCC+) were trading with a slight premium although the notes were growing weaker as the session progressed.
Meanwhile, Hertz Corp.’s two tranches of senior notes (Caa1/B) were also weaker on Friday, which sources attributed to the weak market conditions.
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