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Cinemark brings add-on; Kraton Polymers relaunches deal; Radian up; Valeant again active
By Paul Deckelman and Paul A. Harris
New York, March 16 – Movie theater operator Cinemark Holdings, Inc. was the star attraction in the high-yield primary arena on Wednesday, pricing a quickly shopped $225 million fungible add-on to its existing 2023 notes via a financing subsidiary, syndicate sources said.
A trader later quoted the new bonds a little above their issue price.
The sources also reported that specialty chemical maker Kraton Polymers LLC relaunched $440 million of 10½% notes due 2023, a deal that had originally gotten done back in early January when dealers converted bridge loans for an acquisition financing into the notes, the first transaction of the year in Junkbondland.
Traders saw robust activity among those relaunched bonds.
Elsewhere, the traders likewise saw brisk dealings in Radian Group Inc.’s upsized offering of five-year notes, which had priced on Tuesday and then firmed smartly when they hit the aftermarket. The bonds rode that upside momentum to further gains during Wednesday’s session.
Valeant Pharmaceuticals International Inc.’s bonds dominated the junk market’s Most Actives list for a second straight session. Investors continued to react to Tuesday’s announcement by the company of lowered 2015 year-end and full-year 2016 guidance and the possibility that some of its debt may go into default because of delays in making required regulatory filings.
Statistical market performance measures turned mixed on Wednesday after having been lower across the board on Tuesday.
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