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Ply Gem, Wyndham, W/S price; McDermott delayed; recent deals mixed; funds off $0.62 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 29 – The primary market closed a busy week pricing eight out of nine deals on the calendar and pushing one out to next week.
Ply Gem Holdings Inc. sold a $645 million issue of eight-year senior notes to yield 8% on Thursday, Wyndham Hotels & Resorts, Inc. brought a $500 million issue of eight-year senior notes to yield 5 3/8% and W/S Packaging Holdings Inc. priced an upsized $260 million of five-year first lien notes to yield 9%.
However, the largest of the deals on the pre-holiday calendar was unable to price before the market came to a close. McDermott International Inc. pushed its downsized $1.3 billion offering of senior notes (B2/B-) into the post-holiday week.
Several recent deals continued to have mixed performance in the secondary space.
New notes from W/S Packaging, Charles River Laboratories International Inc., Boyne USA, Inc. were off to the races and trading strong on their secondary market debut.
Meanwhile, Coty Inc.’s new notes continued to hover around par and Tronox Inc. and GCP Applied Technologies Inc. were seen trading below their issue price.
Meanwhile high-yield mutual funds and exchange-traded funds were once more in the red during the most recent reporting week, losing $0.619 billion, according to sources familiar with the fund-flow statistics generated by AMG Data Services Inc.
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