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Junk calendar balloons; NGL, Talos edge higher; Spirit Airlines gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 29 – Amid heavy news volume in the high-yield, new-issue market on Monday, Nationstar Mortgage Holdings Inc. priced the session’s sole deal, an upsized $1 billion issue of Mr. Cooper 7 1/8% eight-year senior notes (B1/B/BB) that came at 99.251 to yield 7¼%, at the tight end of talk, in a drive-by. It was upsized from $800 million.
Away from that transaction the active forward calendar ballooned to $10.6 billion with the announcement of six other dollar-denominated deals.
New and recent deals remained in focus in the secondary space with NGL Energy Partners LP’s recently priced senior secured notes (B2/B+/BB-) and Talos Production Inc.’s senior secured second-priority notes (B3/BB-/B+) dominating activity in the secondary space.
Like most deals to price over the past month, NGL’s and Talos’ new notes continued to trade at a strong premium to their issue price with the notes edging higher during Monday’s session.
Outside of new paper, Spirit Airlines Inc.’s 8% senior secured notes due 2025 (Caa2) were active and gaining strength with the company standing by its merger agreement with JetBlue.
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