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Lonestar prices to clear calendar; new Mattels busy but easier; Kindred gains continue
By Paul Deckelman and Paul A. Harris
New York, Dec. 19 – In what may have been the final high-yield pricing of 2017, oil and natural gas exploration and production company Lonestar Resources US Inc. came to market on Tuesday with a $250 million five-year note issue.
Syndicate sources said that transaction cleared the forward calendar.
Some market sources speculated that the junk primary sector could still see an unscheduled and quickly shopped drive-by deal or two before the curtain finally comes down on this year, while others believe that new-issue activity for the year has already wrapped up.
In the secondary market, traders saw continued brisk volume in Mattel Inc.’s eight-year megadeal, which topped the Most Actives list for a second consecutive session. As had been the case on Monday, the new notes finished off from the previous day’s closing level.
The toy manufacturer’s existing bonds meantime were little traded on Tuesday, but unlike Monday, they were seen once more losing ground.
Outside of the new-deal arena, Kindred Healthcare Inc.’s bonds firmed in active trading for a second session in a row, as the company made official what had only been reported speculation on Monday – it will be bought by insurer Humana Inc. and a pair of private equity companies in a transaction valued at around $4 billion, including debt.
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