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Six issuers price $3.57 billion; Macy’s, DaVita weaken; funds have record weekly inflow
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 28 – A high-volume Thursday session in the high-yield primary market saw six issuers price a total $3.57 billion face amount of junk.
Diversified Healthcare Trust priced an upsized $1 billion issue, Molina Healthcare, Inc. priced an $800 million issue, Ortho-Clinical Diagnostics SA priced a $400 million issue, and INTL FCStone Inc. priced a $350 million issue at a discount.
Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced an upsized $715 million add-on to their 4 1/8% senior secured notes due Aug. 15, 2026 (B1/BB/BB+).
And Qorvo, Inc. priced an upsized $300 million add-on to its 4 3/8% senior notes due 2029 (Ba1/BB+).
Meanwhile, in the secondary space Macy's Inc.’s 8 3/8% senior notes due 2025 (Ba1/BB-/BB+) were trading off their highs on Thursday after ripping out of the gate.
DaVita Inc.’s 4 5/8% senior notes due 2030 (Ba3/B+) were also losing steam in active trading.
High-yield mutual and exchange-traded funds continued to have a massive influx of cash with $6.318 billion entering the space in the week through Wednesday’s close, according to Refinitiv Lipper US Fund Flows.
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