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XPO prices new offering, existing bonds decline; Mednax prices add-on; Windstream tanks
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 19 – The domestic and European high-yield primary market was active on Tuesday with the drive-thru window open for business.
XPO Logistics, Inc. priced a $1 billion issue of 5.5-year senior notes (Ba3/BB) at par to yield 6¾% in a quick-to-market trade.
In a cross-over deal, Mednax, Inc. priced an upsized $500 million add-on to its 6¼% senior notes due Jan.15, 2027 (Ba2/BBB-) at 99.75 to yield 6.289%.
In the European market, ThyssenKrupp AG launched a €1.25 billion amount of 2 7/8% unsecured notes due Feb. 22, 2024 (BB/Ba2/BB+) at mid-swaps plus 280 basis points.
Meanwhile, the secondary space was largely flat on Tuesday.
Avolon Holdings Ltd.’s recently priced 5¼% senior notes due 2024 (Ba2/BB+/BB+) continued to gain strength although volume was light.
While XPO’s new offering was in the works, its outstanding 6 1/8% senior notes due 2023 continued their downward momentum.
Windstream Corp.’s junk bonds tanked on Tuesday following Friday’s verdict in favor of a hedge fund that challenged the telecommunications company spin-off of Uniti Group Inc.
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