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Morning Commentary: Manitowoc joins high-yield forward calendar; new paper in focus
By Abigail W. Adams
Portland, Me., March 6 – The domestic high-yield forward calendar continued to grow on Wednesday with one deal joining the already $5.25 billion being marketed.
Manitowoc Co. Inc. plans to price $300 million seven-year senior secured second-lien notes (B2/B) on Friday, according to market sources.
Early whispers have the deal coming in the low 8% area.
J.P. Morgan Securities LLC is lead left bookrunner for the Rule 144A and Regulation S deal.
Proceeds, together with proceeds from an extension of credit under the company’s ABL credit facility, will be used to redeem the company’s outstanding 12¾% senior secured second-lien notes due 2021.
Proceeds will also be used to repay the existing $225 million asset-based revolving credit facility and existing $75 million accounts receivable securitization program.
Meanwhile, the paper that priced during Tuesday’s session was in focus in the secondary space although with mixed performances.
Scientific Games International Inc.’s newly priced 8¼% senior notes due 2026 (existing Caa1/B) were performing well.
The notes were seen changing hands at par ¾, according to a market source.
Scientific Games priced $1.1 billion of the 8¼% notes at par in a Tuesday drive-by. Pricing came wide of initial talk in the high 7% area.
Credit Acceptance Corp.’s 6 5/8% senior notes due 2026 were largely wrapped around par in active trading. The notes were trading between par and par 3/8, a market source said.
Credit Acceptance priced $400 million of the 6 5/8% senior notes at par on Tuesday at the conclusion of a brief roadshow.
Price talk was in the 6¾% area.
Timing was accelerated with the deal initially expected to price on Wednesday.
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