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United Rentals prices; six deals on tap; Netflix weakens; Hi-Crush losses mount; Tesla jumps
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 24 – The primary market saw another highly anticipated deal price on Wednesday with one more joining the forward calendar and five set to price before the close of the week.
United Rentals (North America) Inc. priced a $1.1 billion issue of eight-year senior notes (Ba3/BB) at par to yield 6½% in a Wednesday drive-by.
Vector Group Ltd. started a roadshow on Wednesday for a $325 million offering of eight-year senior notes with pricing expected in the Oct. 29 week.
Five deals are on the forward calendar with pricing expected before the close of the week.
Meanwhile, the secondary space saw another soft day as the sell-off in equities continued.
Netflix, Inc.’s newly priced 6 3/8% senior notes due 2029 (Ba3/BB-) dropped slightly in active trading on Wednesday while still holding above their issue price.
Hi-Crush Partners LP’s 9½% senior notes due 2026 continued to see their losses mount in high-volume activity with the paper sinking 4 points.
While volume was light during the day, Tesla Inc.’s 5.3% senior notes due 2025 shot up almost 2 points in high-volume activity after the company reported a large earnings beat.
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