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RENK, Titan price; Forterra, New Enterprise move up; funds see record $5.55 billion outflow
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 2 – Three deals came from Europe in the high-yield primary market, while the U.S. domestic market tapered off into a dormant end to the week and an early market close before the Independence Day holiday.
RENK AG priced an upsized €320 million issue of five-year senior secured notes (B1/B).
Titan Cement International SA sold a €250 million issue of 2¾% seven-year senior bullet notes (BB).
And London-based Algeco Global Finance plc priced an upsized €175 million issue of 6½% senior secured mirror notes due March 15, 2023 (B2/expected B-/expected B+).
In the secondary, Forterra plc’s 6½% senior notes due 2025 (B3/B-) were active and trading with a steep premium.
New Enterprise Stone & Lime Co., Inc.’s 9¾% senior notes due 2028 (Caa1/CCC+) also put in a strong performance in the aftermarket.
Outside of the new paper, Eldorado Resorts, Inc.’s 6¼% senior notes due 2025 (B1/B) and its 8 1/8% senior notes due 2027 (Caa1/CCC+) were trading off their lows as state gaming boards begin the approval process for its acquisition of Caesars Entertainment Corp.
High-yield mutual and exchange-traded funds had $5.55 billion leave the space in the week through Wednesday’s close, according to Refinitiv Lipper US Fund Flows.
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