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Lamb Weston, Azek price; United sees pushback; new deals move up; funds add $3.54 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 7 – The domestic high-yield primary market continued to roll out deals at an active clip with three drive-bys clearing the market on Thursday.
Lamb Weston Holdings, Inc. priced a $500 million issue and Azek Building Products, Inc. priced an upsized $350 million issue.
PBF Holding Co LLC and PBF Finance Corp. also priced a $1 billion offering of five-year senior secured notes.
However, United Airlines Holdings Inc.'s $2.25 billion offering of senior secured notes, which was expected to price on Thursday, saw some pushback from investors.
Meanwhile, it was a strong day for the secondary space with the cash bond market up about ½ point in intraday trading although it came in towards the market close, a source said.
New deals remained the focus of trading activity with the paper to price during Wednesday’s session performing well in high-volume activity.
Meanwhile, cash continued to enter the space with high-yield mutual and exchange-traded funds recording $3.535 billion in inflows for the week ended May 6.
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