Manitowoc, Sunoco price; Teva gains; CenturyLink jumps; Consolidated Communications drops

By Abigail W. Adams

Portland, Me., March 11 – The domestic high-yield primary saw two deals clear the market on Monday amid an improved tone in capital markets.

After carrying over from Friday’s session, Manitowoc Co. Inc. priced a $300 million issue of seven-year senior secured second lien notes (B2/B) at par to yield 9%.

Sunoco LP priced an upsized $600 million issue of eight-year senior notes (B1/BB-/BB) at par to yield 6% in a quick-to-market Monday trade, according to market sources.

Target Hospitality talked its $340 million offering of five-year senior secured notes (B2/B) with pricing expected on Tuesday.

Meanwhile, the secondary space remained quiet on Monday with trading volume light while the overall space firmed after a soft ending to last week.

Teva Pharmaceuticals’ junk bonds saw minor gains in high-volume activity on Monday.

CenturyLink, Inc.’s junk bonds were also on the rise on Monday with the notes on an upward trajectory since the company’s fourth-quarter earnings report.

However, Consolidated Communications Holdings Inc.’s saw a multipoint drop on Monday following a ratings downgrade.

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