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Twitter in focus; Select Medical and Carriage Services add-ons price; Michaels sinks
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 5 – The domestic high-yield primary market saw another active session with one new deal and two add-ons pricing.
All eyes were on Twitter, Inc. as the social media company priced its debut high-yield bond deal, an upsized $700 million issue of eight-year senior bullet notes (Ba2/BB+).
In drive-by action, Select Medical Corp. priced an upsized $675 million add-on to its 6¼% senior notes due Aug. 15, 2026 (B3/B-) and Carriage Services, Inc. priced a $75 million add-on to its 6 5/8% senior notes due June 1, 2026 (B3/B) at 104 to yield 3.87%.
Friday also promises to be an active session with Moog Inc. expected to price a $400 million offering and Dycom Industries, Inc. its $300 million offering.
Meanwhile, the secondary space was largely flat on Thursday with Twitter’s newly priced offering in focus.
Clearway Energy Operating LLC’s 4¾% green senior notes due 2028 (Ba2/BB) were also active with the notes holding on to their large premium.
Michaels Stores, Inc.’s 8% senior notes due 2027 (B1/B) were under pressure on Thursday following an earnings miss.
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