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Lithia Motors, Norwegian Cruise Line, Charter add-on price; Vertiv jumps; Teva active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 2 – The domestic high-yield primary market saw a big start to the week with two new deals and one add-on pricing in drive-by action.
Norwegian Cruise Line Holdings Ltd. priced a $565 million issue of five-year senior notes (Ba2/BB+) and Lithia Motors, Inc. priced a $400 million issue of eight-year senior notes.
Charter Communications priced a $1.2 billion add-on to the CCO Holdings, LLC and CCO Holdings Capital Corp. 4¾% senior notes due March 1, 2030 (B1/BB/BB+).
The calendar also grew with Twitter, Inc. planning to start a roadshow for a $600 million offering of eight-year senior bullet notes on Tuesday.
Meanwhile, trading activity remained subdued in the secondary space with focus on the new deals in the market.
Teva Pharmaceutical Industries’ junk bonds remained active although they were largely trading sidewise after whipsawing between gains and losses last week.
Hess Midstream Partners LP’s 5 1/8% senior notes due 2028 (Ba3/BB+/BB+) also saw a fresh round of trading activity on Monday although with little movement in price.
Vertiv Group’s 9¼% senior notes due 2024 were the outperformers of Monday’s session with the notes jumping on talk of a buyout.
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