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Realogy, MGM upsize; Cable & Wireless prices add-on; Darling on tap; Allison in focus
By Abigail W. Adams and Paul A. Harris
Portland, Me., March 27 – The domestic high-yield primary market saw an active session with two upsized offerings and an upsized add-on pricing.
MGM Resorts International doubled the size of its drive-by offering of eight-year senior notes (existing ratings Ba3/BB-) to $1 billion and priced the notes at par to yield 5½%.
Realogy Group LLC priced an upsized $550 million issue of eight-year senior notes (B2) at par to yield 9 3/8%.
Cable & Wireless Communications plc priced an upsized $300 million fungible add-on to the C&W Senior Financing Designated Activity Co. 6 7/8% senior notes due 2027 (B2/BB-/BB-) at 99.205 to yield 7%.
One more deal also joined the forward calendar.
Darling Ingredients Inc. plans to price a $500 million offering of eight-year senior notes (expected ratings Ba3/BB+) during Thursday’s session.
Meanwhile, the secondary space was largely unchanged on Wednesday after firming during the previous session.
Allison Transmission, Inc.’s newly priced 5 7/8% senior notes due 2029 (Ba3//BB) were putting in a strong performance in the secondary space.
Pacific Gas & Electric’s 6.05% senior notes due 2034 jumped in high-volume activity following court approval of bankruptcy financing.
CBL & Associates Properties junk bonds tanked on Wednesday following the settlement of a class action lawsuit and news it would suspend dividend payments.
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