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Junk horizon appears active; MoneyGram eyed; O-I prices; Icahn rebounds; Mauser lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 12 – The domestic high-yield primary market had an active end to the week with another busy week on the horizon.
O-I Glass, Inc. priced an upsized $690 million tranche of eight-year notes (B2/B+) in a two-tranche, dual-currency offering.
Market chatter continued to circulate about a $400 million tranche of first-lien secured notes backing the buyout of MoneyGram International Inc., which is expected to appear in the week ahead.
A deal from Solenis/Diversey Holdings Ltd., a packaging company and companies in the energy sector are also expected to appear in the coming week, which is expected to have a rush of issuance.
Meanwhile, it was a quiet day in the secondary space with the market soft in intraday activity but lifted into the close to end the day relatively unchanged, a source said.
Icahn Enterprises LP’s senior notes (Ba3/BB) continued to trade in heavy volume with buyers stepping in to lift the notes after heavy selling over the past two weeks.
Mauser Packaging Solutions Holding Co.’s 7 7/8% senior secured first-lien notes due 2026 (B2/B) sank in heavy volume as the market anticipates a new offering from a packaging company.
Iron Mountain Inc.’s recently priced 7% senior notes due 2029 (Ba3/BB-) remained active although with little movement in price as the notes leveled off with a nominal premium.
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