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Cornerstone junk bond deal ready to price; cruise line paper moves higher
By Paul A. Harris and Cristal Cody
Tupelo, Miss., July 19 – The junk bond deal backing the buyout of Cornerstone Building Brands, Inc. by Clayton, Dubilier & Rice is teed up and set to price on Wednesday, on schedule.
In the secondary, the junk travel sector was lifted on Tuesday with several names higher on the day.
Carnival Corp.’s notes traded more than 1 point to over 3 points better by the close.
The Miami-based cruise operator’s 10½% senior notes due 2030 (B2/B) had some of the day’s heaviest secondary action with the issue trading up 2¾ points, a source said.
Royal Caribbean Cruises Ltd.’s notes were seen about 2½ points better Tuesday.
Norwegian Cruise Line Holdings Ltd.’s 5 7/8% senior notes due 2026 (Caa1/B-) issued by NCL Corp. Ltd. were moving more than 3 points higher at 81½ bid on $15 million of secondary supply, according to a market source.
“There was a lot of buying higher,” a source said. “Carnival Cruise was up a few bucks. Royal Caribbean was also up a few bucks.”
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