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Teva, Houghton Mifflin, Sinclair, Kaiser Aluminum, Allegheny price; iHeart weakens
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 19 – For the second consecutive day the dollar-denominated primary market topped the $2.5 billion mark, as the high-yield new issue machine continued to crank on Tuesday.
Issuers raised $2.65 billion of proceeds by means of dollar-denominated issuance during the session.
The day's biggest issuer was Teva Pharmaceutical Industries, which priced approximately $2.1 billion equivalent of long five-year senior bullet notes (Ba2/BB) in two upsized tranches.
In drive-by action, Kaiser Aluminum Corp. priced a $500 million issue of senior notes due March 1, 2028 (Ba3/BB+), and Sinclair Television Group, Inc. priced $500 million of 10.25-year senior notes (B1/B).
Allegheny Technologies Inc. accelerated timing on a deal that was initially announced as Wednesday business and priced a $350 million issue of eight-year senior notes (B2/B).
And Houghton Mifflin Harcourt Publishers Inc. priced a downsized $306 million issue of 9% 5.25-year senior secured notes (B3/B/BB-) in a deal initially slated to price last Friday.
Teva’s new dollar-denominated notes dominated activity in the secondary space with the notes trading in a wide range.
iHeartCommunications, Inc.’s new 4¾% senior notes due 2027 (B1/BB-) weakened on Tuesday after a strong start out of the gate.
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