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FAGE prices, rises; Diamond hits road; new Navient adds to gains; AerCap, Intelsat higher
By Paul Deckelman and Paul A. Harris
New York, July 27 – The high-yield primary sphere quieted down on Wednesday. Just one deal priced, Greek dairy products maker FAGE International SA’s $420 million of 10-year notes.
After that regularly scheduled forward calendar offering priced, traders saw the new bonds firm smartly in active dealings when they hit the aftermarket.
Among Tuesday’s deals, financial services company Navient Corp.’s quickly shopped five-year offering was the standout performer Wednesday, adding to the robust initial aftermarket gains it had notched right after pricing.
Traders also saw busy trading Wednesday in Tuesday’s other deals – homebuilder Pulte Group, Inc.’s upsized $1 billion two-part transaction plus the regularly scheduled calendar deals from Swiss chemical company Ineos Group Holdings SA and industrial textile manufacturer Xerium Technologies, Inc. Those new deals mostly traded at or a little above their respective issue prices.
Away from the credits that have actually priced, syndicate sources said that hospitality and vacation ownership company Diamond Resorts International, Inc. was beginning a roadshow for its $600 million offering of eight-year notes.
Away from the new deals, traders said that AerCap Holdings NV’s notes were higher across the company’s capital structure in busy trading, after the Dutch aircraft leasing company closed on a new credit facility and got a credit ratings upgrade.
Intelsat SA’s bonds were better after the Luxembourg-based communications satellite company posted better-than-expected quarterly results and reported progress in reducing its debt.
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