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Dollar primary stays muted, though deals are shopped; Cheniere again busy; Intelsat gains
By Paul Deckelman and Paul A. Harris
New York, May 17 – The dollar portion of the high-yield primary market remained quiet on Wednesday, with no fully junk-rated notes seen to have priced for a second consecutive session.
However, sources note that several deals are being actively marketed and could price on Thursday or Friday – from maritime construction company Great Lakes Dredge & Dock Corp., energy operator Delek Logistics Partners LP, metallurgical coke producer SunCoke Energy Partners, LP and pawn shop proprietor First Cash, Inc.
In the euro-denominated arena, German chemical manufacturer K+S AG priced a small add-on to its existing notes, while document and records management company Iron Mountain Inc. was expected to price a stand-alone eight-year deal on Thursday, the latest in a series of U.S.-based borrowers issuing euro-denominated paper.
Back among the names that have already priced, Monday’s deal from liquefied natural gas company Cheniere Corpus Christi Holdings, LLC was Junkbondland’s volume leader for a third consecutive session, easing slightly on the day.
Australian iron ore miner Fortescue Metals Group Ltd.’s new five-year notes from last week were also busily traded.
Away from new or recently priced offerings, Intelsat SA’s various bonds moved up in active dealings after the communications satellite company sweetened the terms of its exchange offer for a big chunk of its outstanding debt – an offer that must be completed for Intelsat to merge with sector peer OneWeb and receive a sizable investment from the latter’s corporate parent, Japan’s Softbank Group Corp.
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