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Shutterfly prices, Alliant on tap; Bausch, U.S. Steel lower, WeWork sees respite
By James McCandless and Paul A. Harris
San Antonio, Oct. 1 – One issuer priced and one joined the forward calendar in the high-yield market on Tuesday, while the secondary saw trading fixed on newsmakers and newer issues.
Shutterfly Inc. priced an upsized $785 million issue of 8½% seven-year senior secured notes (B1/B) at 94.371 to yield 9 5/8%.
Alliant Holdings Intermediate, LLC and Alliant Holdings Co-Issuer, Inc. plan to price a $575 million offering of eight-year senior notes (current ratings Caa2/CCC+) on Thursday.
In secondary trading, Bausch Health Cos. Inc.’s notes moved lower after the company filed a lawsuit against a competitor over alleged patent infringement.
Manufacturer United States Steel Corp.’s issues lost ground after the company announced the acquisition of a major stake in Big River Steel.
Meanwhile, WeWork Cos. Inc.’s paper gained despite a ratings downgrade, providing a brief respite after a week of losses and negative headlines.
Recent notes from Inmarsat plc and Telesat Canada were active but saw different tracks.
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