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Mercer prices; McDermott rebound continues; Westcorp drops; Bausch improves
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 29 – The domestic primary market saw its first deal in nearly two weeks price on Thursday.
Mercer International Inc. priced a $350 million issue of senior notes due Jan. 15, 2025 (Ba3/BB-) at par to yield 7 3/8%.
The notes were active in the secondary space and were trading at a slight premium to their issue price.
While there is still a pipeline of deals that may come to market before the year draws to a close, central bank activity may cause many prospective issuers to wait until the new year, sources said.
Meanwhile, names in the energy sector were buoyed by a 2.3% bounce in crude oil futures.
McDermott International Inc.’s 10 5/8% senior notes due 2024 (B2/B-) continued to climb on Thursday.
However, California Resources Corp.’s 8% senior secured second-lien notes due December 2022 saw only slight improvement in active trading despite the large bounce in crude oil futures.
In the health care sector, Bausch Health Cos. Inc.’s junk bonds were improved after the company new term loans to fund the tender of its 7½% notes due 2021.
However, Westcorp.’s 8½% senior notes due 2025 saw a 6½ point drop in light trading volume on Thursday.
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