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Summit Materials joins calendar; Altice gains continue; VistaJet falls post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 27 – The high-yield primary market staged a modest post-holiday reactivation on Monday.
No issues were priced.
Summit Materials, LLC and Summit Materials Finance Corp. began marketing an $800 million offering of senior notes due January 2031 (current ratings Ba3/BB).
As market players awaited the primary market to reactivate, earnings-related news was the main driver of activity and price movement during the session.
VistaJet Malta Finance plc’s senior notes (B3/B-) were under pressure after the company reported earnings with the notes falling 2 to 4 points.
However, Altice’s capital structure continued to post gains after Altice International’s earnings report the previous week.
Altice France Holding SA’s 5 1/8% senior notes due 2029 (B2/B-) continued to add to the strong post-earnings gains of the previous week.
And the positive momentum spilled over to Altice Financing SA’s 5¾% senior secured notes due 2029 (B3/B) and Altice USA, Inc. subsidiary CSC Holdings, LLC’s 11¼% senior guaranteed notes due 2028 (B2/B) with both issues logging gains in active trade.
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