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P&L, Academy, United Shore price; sell-off intensifies; Cars.com lags; new paper weakens
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 28 – P&L Development, LLC, Academy Ltd. and United Shore Financial Services, LLC brought $1.62 billion of new paper to the high-yield primary market on Wednesday.
Meanwhile, the sell-off in high-yields intensified on Wednesday with the market down ¾ to 1 point, a source said.
While the high-yield space has held up well amid the volatility in equities over the past two weeks, the market was showing signs of cracking on Wednesday.
Large bids-wanted-in-competition lists were circulating the market with selling pressure dragging down the overall space, a source said.
New deals, which had typically performed well, were increasingly weak on the break and recent deals, which had initially performed well, dropped below par.
Cars.com Inc.’s newly priced 6 3/8% senior notes due 2028 (B3/B) gave up their early gains and sank well below par in active trading.
MultiPlan’s 5¾% senior notes due 2028 (B3/B-) dropped to a 98-handle and Advantage Sales & Marketing Inc.’s 6½% senior notes due 2028 (B2/B) traded down to a 97-handle.
Dave & Buster's Entertainment, Inc.’s 7 5/8% senior secured notes due 2025 (Caa1/B-) returned to focus with the notes dropping below par after previously trading with a large premium.
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