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JBS USA, Five Point add-on price; Teva in focus; LSC Communications craters
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 23 – The domestic high yield primary market’s drive through window reopened on Tuesday with two upsized drive-bys pricing.
JBS USA Lux SA priced an upsized $1.25 billion issue of 10.5-year senior notes (Ba3/BB-) at par to yield 5½%.
Five Point Holdings LLC priced an upsized $125 million add-on to the Five Point Operating Co., LP and Five Point Capital Corp. 7 7/8% senior notes due Nov. 15, 2025 (expected ratings B3/B) at par.
Official price talk also circulated for Citgo Holding, Inc.’s $1.37 billion offering, with pricing expected on Wednesday.
In the European primary market, Cirsa Gaming Corp. SA priced an upsized €490 million issue of floating-rate notes, and Banca Popolare di Sondrio BB priced €200 million of 10-year subordinated unsecured tier 2 bank capital.
Meanwhile, the secondary space was firm on Tuesday with equities on the rise and crude oil futures again seeing a modest increase.
New paper from JBS was strong out of the gate.
Teva Pharmaceutical Industries Ltd.’s junk bonds were in focus on Tuesday with the entire capital structure posting gains.
LSC Communications Inc.’s 8¾% senior notes due 2023 cratered on news Quad/Graphics Inc. was terminating its acquisition of the printing company.
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