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SeaWorld prices; Cenovus at a premium; Graham Packaging in demand; Tupperware skyrockets
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 29 – The domestic high-yield primary market was relatively quiet on Wednesday with one deal pricing and one more joining the forward calendar.
SeaWorld Entertainment, Inc. priced an upsized $500 million issue of five-year second-priority senior secured notes (Caa2/CCC) in an oversubscribed offer.
And Western Global Airlines LLC began a virtual roadshow for a $420 million offering of five-year senior notes (expected ratings B3/B-/B+) with pricing expected in the Aug. 2 week.
Leviathan Bond Ltd. set initial price talk in its $2.25 billion four-part offering of senior secured bullet notes (Ba3/BB-/BB), which is also expected for next week.
Meanwhile, the secondary space continued its slow grind tighter on Wednesday.
Cenovus Energy Inc.’s 5 3/8% senior notes due 2025 (Ba2/BBB-/BB+) dominated activity in the secondary space with the notes seen at a slight premium to their issue price.
While Graham Packaging Co. Inc.’s 7 1/8% senior notes due 2028 (Caa1/CCC+) were slightly weaker on Wednesday, they remained sought after and continued to trade with a large premium.
Outside of the new paper, Tupperware Brands Corp.’s 4¾% senior notes due 2021 skyrocketed in active trading as the company detailed plans to address the notes’ looming maturity in a better-than-expected earnings report.
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