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SM Energy prices; five deals join calendar; Rite Aid drops; Diebold tanks; Sprint up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 6 – The domestic high-yield primary market was active on Monday with one deal pricing and five more joining the forward calendar.
SM Energy Co. priced a $500 million issue of 8.5-year senior notes (B2/BB-/BB-) at par to yield 6 5/8% in a Monday drive-by.
Verscend Holding Corp. announced a roadshow for a $1.15 billion offering while Marriott Vacations Worldwide Corp. began a roadshow for a $750 million offering.
WellCare Health Plans, Inc. is in the market with a $700 million offering of eight-year senior notes.
CURO Group Holdings Corp. plans to start a roadshow on Tuesday for a $675 million offering of seven-year senior secured notes.
And ACI Worldwide, Inc. began a two-day roadshow for a $300 million offering of eight-year senior notes.
Rite Aid Corp.’s 6 1/8% senior notes due 2023 dominated trading activity in the secondary space.
The notes were losing ground in high-volume activity after the company revised its forward guidance just days before its shareholders vote on the merger with Albertsons Cos.
Diebold Inc.’s 8˝% senior notes due 2024 continued their downward spiral on Monday with the notes losing more than 8 points after a 10-point drop last week.
Sprint Corp.’s junk bonds were on the rise on Monday with optimism growing over the company’s merger with T-Mobile.
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