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ESAB, MGM drive-by; forward calendar balloons; Bombardier, TIH at a premium; Hilton softer
By Abigail W. Adams
Portland, Me., March 25 – The domestic and euro-denominated junk primary markets saw a strong flow of activity on Monday as issuers continued to rush to the market post-Fed.
The dollar-denominated market saw two drive-by deals price and four more join the forward calendar.
Four euro-denominated and one sterling-denominated offerings also joined the calendar.
In drive-by action, MGM Resorts International priced a $750 million offering of eight-year senior notes (B1/BB-/BB-), and ESAB Corp. priced an upsized $700 million offering of five-year senior notes (Ba1/BB+).
AMC Networks Inc., Algoma Steel Inc., New Home Co. Inc. and Phinia Inc. also joined the calendar with dollar-denominated offerings.
Meanwhile, it was a sideways day in the secondary space with the cash bond market either side of unchanged.
Panther Escrow Issuer, LLC and Panther Co-Issuer, Inc.’s 7 1/8% senior secured notes due 2031 (B2/B/B+), which priced to back the buyout of TIH, LLC, were the outperformers of the deals to price last Friday.
Bombardier Inc.’s 7¼% senior notes due 2031 (B2/B) were also trading at a decent premium to their discounted issue price.
However, Hilton Worldwide Holdings Inc.’s two tranches of senior notes were slightly softer in active trade, although they remained above water.
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