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D&B, Studio City on tap; Altice, Lions Gate, Tenet improve; Western Digital jumps
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 25 – After a flurry of activity that saw $7 billion price in eight deals earlier in the week, the high-yield primary market took a breather on Friday.
However, the activity is expected to resume in the coming week with $2.2 billion on the active forward calendar.
Dun & Bradstreet Corp. is expected to price its $1.35 billion two-tranche offering and Studio City Co. Ltd. is expected to price its $425 million offering of five-year senior notes.
Meanwhile, the secondary space was firm on Friday with the overall market up ¼ point, a market source said.
The new paper continued to dominate activity in the secondary space with the deals to price during Thursday’s session trading at a premium to their issue price.
Altice USA Inc.’s 6½% senior notes due 2029 (Ba2/BB-) dominated activity with the notes trading up to 1 point above their issue price.
Lions Gate Capital Holdings LLC’s 6 3/8% senior notes due 2024 (B2/B) were also active.
Tenet Healthcare Corp.’s 6¼% senior notes due 2027 continued to improve in secondary trading. Outside of the new paper, Western Digital Corp.’s split-rated 4¾% senior notes due 2026 (Baa3/BB+) jumped in active trading despite an earnings miss.
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