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Wesco prices, rips out of gate; INTL FCStone, Ortho-Clinical skyrocket; Molina at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 29 – The domestic high-yield primary market rounded out an active week with one multibillion dollar offering clearing the market.
Wesco Distribution Inc. priced $2.825 billion of senior notes (B2/BB-/BB-) in two resized tranches.
The new paper ripped out of the gate with the notes joining several other recent deals that were putting in strong performances in the secondary space.
INTL FCStone Inc.’s 8 5/8% senior notes due 2025 (Ba3/BB-) and Ortho-Clinical Diagnostics SA’s 7 3/8% senior notes due 2025 (Caa2/CCC) skyrocketed in the aftermarket with both several points above their issue price.
Diversified Healthcare Trust’s 9¾% senior notes due 2025 (Ba1/BB+) and Molina Healthcare, Inc.’s 4 3/8% senior notes due 2028 (B2/BB-) were also trading with steep premiums.
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