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Anixter prices; KLX Energy slow to trade; First Quantum improves; Envision active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 29 – The domestic primary market saw one new deal price in a Monday drive-by while the deals that joined the forward calendar last week remained in limbo.
Anixter, Inc. priced a $250 million issue of seven-year senior bullet notes (Ba3/BB/BBB-) at par to yield 6% in a quick-to-market trade.
However, there was radio silence on the deals from GEP Haynesville LLC and INTL FCStone Inc. that carried over from last week.
Meanwhile, trading volume was light in the secondary space on another down day for the market that saw oil futures slide and volatility continuing to roil equities.
While the market was down, KLX Energy Services Holdings, Inc.’s newly priced 11½% senior secured notes due 2025 (B3/B) were seen more than 1 point above their issue price.
However, the notes were slow to trade with buyers of the notes holding on to them, a market source said.
First Quantum Minerals Ltd.’s junk bonds were also active and making slight gains in the run up to the mining company’s third-quarter earnings report.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Caa1/B-) were major volume movers in the secondary space on Monday, although the notes were unchanged in the high-volume activity.
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