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Ithaca Energy prices HY paper; DirecTV at a premium; McClaren up; McGraw-Hill recovers
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 23 – The domestic high-yield primary market saw one deal price during Friday’s session.
UK-based Ithaca Energy (North Sea) plc priced a $625 million issue of 9% senior notes due July 2026 (B3//B+).
Meanwhile, it was a quiet day in the secondary space.
While the market had a firm tone to it, not much was on the tape with many calling an early end to a tumultuous week.
New issues continued to dominate the tape with the majority performing well.
DirecTV Entertainment Holdings LLC’s 5 7/8% senior secured notes due 2027 (Ba3/BB/BBB-) outperformed with the notes trading almost 4 points above their issue price.
McLaren Automotive’s 7˝% senior secured notes due 2026 were also putting in a strong performance in the aftermarket.
McGraw-Hill Education, Inc.’s two tranches pared their losses from a rough start in the aftermarket. However, both still remained underwater heading into Friday’s close.
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