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Beazer Homes drives by junkland; Shelf Drilling falls; Spirit Aero lower on audit failure
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 12 – Beazer Homes USA, Inc. had the junk bond primary space to itself as the company brought $250 million of new senior notes in a drive-by offering.
Meanwhile, Tuesday was another quiet and flat day in the secondary space with the latest Consumer Price Index report failing to move the needle in the market.
While the report came in higher than expected, it was flat month-over-month and did not dramatically alter market expectations for rate cuts.
“They’re just glad it wasn’t worse than last month,” a source said.
With activity surrounding recent deals diminishing, topical news pushed some outstanding issues to the forefront.
Shelf Drilling Holdings Ltd.’s 9 5/8% senior secured notes due 2029 (B3/B-/B) were lower in active trade after a large runup last week.
Spirit AeroSystems Inc.’s senior notes were taking a hit in active trade after the Federal Aviation Administration released the results of an audit of Boeing’s 737 Max jet production.
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