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Primary prices $2.35 billion; Pilgrim’s Pride flat; Carvana at a premium; WeWork skyrockets
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 26 – The domestic high-yield primary market saw an active end to the week with three issuers pricing a cumulative $2.35 billion.
Only one deal remains on the forward calendar heading into the March 29 week.
Ingram Micro is shopping $2 billion of eight-year senior secured notes (B1/BB) on a roadshow scheduled to run through Wednesday.
However, the week ahead is expected to be busy with dealers rushing to pack in deals before the first quarter draws to a close.
Meanwhile, the secondary space closed the week on firm footing.
High-yield spreads tightened 14 basis points to 351 bps over the past week, according to a BofA Global Research report.
While the overall market was firm, Pilgrim's Pride Corp.’s 4¼% sustainability-linked senior notes due 2031 (B1/BB+/BB+) and Interior Logic Group’s 6 1/8% senior notes due 2029 (Caa1/CCC+) fell flat in the aftermarket.
However, Carvana Co.’s 5½% senior notes due 2027 (CCC+) and Dycom Industries, Inc.’s 4½% senior notes due 2029 (Ba3/BB) were trading with solid premiums.
Outside of recent issues, WeWork Cos. Inc.’s 7 7/8% senior notes due 2025 skyrocketed on news the office-sharing space company’s previous plans to go public may come to fruition through a SPAC.
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