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Netflix upsizes; Heartland prices wide; Alliance One drops; ArcelorMittal active
By Abigail W. Adams
Portland, Me., April 23 – The domestic high-yield primary market started the week off by pricing $2.21 billion in new paper on Monday with the forward calendar growing.
Netflix, Inc. priced an upsized $1.9 billion issue of non-callable 10.5-year senior notes (Ba3/B+) at par to yield 5 7/8% in a quick-to-market Monday trade.
The notes had a lackluster reception in the secondary market, as the internet television network’s 5 7/8% senior notes due 2028 traded down.
Heartland Dental, LLC priced a $310 million issue of eight-year senior notes (Caa2/CCC) at par to yield 8½%.
Also in primary news Monday, Neptune Energy Group Midco Ltd. began a roadshow for a $500 million offering of seven-year senior notes (B2) and Jagged Peak Energy Inc. announced plans to sell $400 million of eight-year senior notes during the April 23 week.
As the primary market brought new paper into junkbondland, the secondary space was “a little sloppy,” with the market down about ¼-point, market sources said.
Among existing bonds, Alliance One International, Inc.’s 9 7/8% senior secured second-lien notes due 2021 dropped 2 points during Monday’s session.
ArcelorMittal SA’s junk bonds were active although with little change on Monday. The Luxemburg-based steel and mining company may be allowed to submit a fresh bid for Essar Steel, India’s leading flat steel manufacturer.
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