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CNX prices; Bombardier, Carter’s skyrocket; CHS lags; Summit trades up; Neiman volatile
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 1 – After a slow start, the domestic high-yield primary market ended the week with one deal pricing on Friday after a flurry of activity on Thursday.
CNX Resources Corp. priced a $500 million issue of 7¼% eight-year senior notes (B3/BB-) at 97.06 to yield 7¾%.
Johnson Controls is expected to surface with $10 billion in euro- and dollar-denominated secured and unsecured bonds next week.
Digicel may also be on tap with a $550 million offering, in addition to Frontier Communications Corp.
Meanwhile, Bombardier Inc.’s 7 7/8% senior notes due 2027 (Caa1/B-) were the most actively traded issue during Friday’s session in the secondary market with the notes well above their issue price.
Carter's, Inc.’s 5 5/8% senior notes due 2027 (Ba2/BB+) have skyrocketed since hitting the secondary space with the notes in high demand.
Summit Materials, Inc.’s 6½% senior notes due 2027 (B3/BB) were trading at a slight premium to their offer price.
However, Community Health Systems, Inc.’s 8% senior notes due 2026 (Caa1/B-/B) were lagging their issue price in the secondary market. Outside of the new paper. Neiman Marcus Group, Inc.’s notes were volatile in active trading on news the retailer reached a tentative agreement with creditors after an ongoing battle.
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