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Cox Media on deck; Calpine in focus; Wynn Macau improves; Wyndham Destinations flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 11 – The domestic high-yield primary market was quiet on Wednesday – a sign that new deal activity may soon be coming to a close for the year.
However, three deals remain on the forward calendar with pricing expected before the end of the week – Korn Ferry’s $400 million offering of eight-year senior notes (Ba3/BB), AmWINS Group, Inc.’s $250 million tap of its 7¾% senior notes due July 1, 2026 (existing ratings B3/B-), and Cox Media Group’s $1.17 billion offering of eight-year senior notes (Caa1/CCC+).
Price talk for Cox Media Group’s offering was heard to be widening amid pushback from investors. However, the deal is expected to price during Thursday’s session.
Meanwhile, the secondary space was firm on Wednesday following the final Federal Reserve meeting of 2019.
New paper remained in focus with Calpine Corp.’s recently priced 4½% senior notes due 2029 (Ba2/BB) dominating activity in the secondary space.
The 4½% notes were trading at a slight premium to their issue price.
Wynn Macau, Ltd.’s newly priced 5 1/8% senior notes due 2029 (B1/BB-) also improved in active trading.
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