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AssuredPartners prices; Cengage, McGraw-Hill jump on merger; Envision drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 1 – While the domestic high-yield primary market slowed on Wednesday, it did not stop, with one deal pricing and $1.61 billion of deals set to clear the calendar before the week comes to a close.
AssuredPartners, Inc. priced a $475 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 8% late Wednesday.
The European primary market is also poised for a big finish with €4.17 billion in junk set to clear ahead of Friday's close.
EG Group set official price talk on its upsized €1.64 billion offering of senior secured notes (B2/B/B+) on Wednesday.
Meanwhile, the secondary space was soft on Wednesday with trading volume relatively light.
As several recent deals drifted from focus, earnings and company specific news pushed outstanding issues into the spotlight.
McGraw-Hill Education and Cengage Learning, Inc.’s junk bonds jumped in high-volume activity on Wednesday after the two education groups announced a merger.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 dropped in high-volume activity on Wednesday with the move most likely earnings related.
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