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Nufarm, LSB, Commercial Metals, Apergy price; energy pulls back; funds up $2.97 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 19 – The domestic and European high-yield primary markets were active on Thursday with $1.5 billion in four U.S. deals pricing, €225 million in one European deal and several more on tap.
Nufarm Ltd. priced an upsized $475 million issue of eight-year senior notes (B1/BB-) at par to yield 5¾%. The notes were active after breaking for trade and were seen slightly above their issue price.
LSB Industries, Inc. priced a $400 million issue of 9 5/8% five-year senior secured notes (Caa1/CCC) at 99.509 to yield 9¾%.
Commercial Metals Co. priced a $350 million issue of eight-year senior notes (Ba3/BB+) at par to yield 5¾%.
Apergy Corp. priced a $300 million issue of eight-year senior notes (B1/B) at par to yield 6 3/8%.
Lycra Co.’s upsized $1 billion equivalent dual-currency offering is set to price on Friday and BBA Aviation set price talk for its $500 million offering of eight-year senior notes.
Meanwhile, the secondary market saw a slight pull-back on Thursday with the general market down about ¼ point, a market source said.
The dip in the energy sector was leading the pullback, the source said.
Meanwhile high-yield mutual funds and exchange-traded attracted $2.971 billion of new investor cash in the week to April 18, according to fund-flow statistics generated by AMG Data Services Inc.
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