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Party City prices; Teva improves; Aleris acquired; SuperValu bought; funds off $548 million
By Paul A. Harris and James McCandless
San Antonio, July 26 – One new deal priced in Thursday’s session while guidance emerged for two new offerings in the European junk market.
Party City Holdings Inc. priced $500 million of eight-year senior notes at par to yield 6 5/8%, at the tight end of talk, and the new paper firmed in secondary trading.
Meanwhile price talk surfaced for WFS Global Holding SAS’ €660 million two-part offering of senior secured notes due 2023 while early guidance circulated in the mid-5% area for CEVA Logistics AG’s €300 million offering of seven-year senior secured notes. Both deals are expected to price on Friday.
The secondary market stayed active as attention shifted to tranches attached to companies subject to acquisitions.
Teva Pharmaceutical Industries Ltd.’s 3.15% senior notes improved, reaching the top of high yield secondary trading.
Aleris International, Inc.’s 10 ¾% senior notes jumped up on news that the company has agreed to be acquired by Novelis.
SuperValu Inc.’s 7¾% senior notes gained as that company became another subject of an acquisition Thursday.
Intelsat SA notes were mixed.
High-yield mutual funds and exchange-traded funds were in negative territory for a second week following the departure of $548 million of cash during the week ended July 25, according to statistics generated by AMG Data Services Inc.
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