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Graphic Packaging prices; Cumulus Media, Aker BP on tap; Hilton’s gains continue
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 11 – The domestic high-yield primary market saw another active session on Tuesday with one drive-by deal pricing and another joining the forward calendar.
Graphic Packaging International, LLC priced a $300 million issue of eight-year senior bullet notes (Ba2/BB+) at par to yield 4¾%.
Cumulus Media New Holdings Inc. started a brief roadshow for a $300 million offering of seven-year senior secured first lien notes, which is set to wrap up on Wednesday.
Norway-based Aker BP ASA set official price talk for its $500 million offering of five-year senior notes (Ba1/BB+/BBB-), which is set to price on Wednesday.
The European primary market was also in high-gear on Tuesday.
International Game Technology plc priced an upsized €750 million issue of seven-year senior secured notes (Ba2/BB+).
France-based Spie SA priced a €600 million issue of seven-year senior notes (Ba3/BB).
Italian pharmaceutical group Doc Generici started a roadshow for a €470 million offering and Progroup AG began marketing a €150 million tap of its 3% senior secured fixed-rate notes due March 31, 2026 (Ba3/BB-).
Meanwhile, the secondary space held firm and continued its rally even as equities dipped for the first time in six sessions.
Hilton Domestic Operating Co. Inc.’s newly priced 4 7/8% senior notes due 2030 were in focus with the notes continuing to post gains.
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