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Canpack prices $800 million; Medline tranches cool in heavy supply; Altice pressured
By Paul A. Harris and Cristal Cody
Tupelo, Miss., Oct. 4 – Two issuers priced a total face amount of $900 million of new junk during a news-heavy Monday session in the primary market.
The lion's share came from Poland-based can manufacturer Canpack SA and its Canpack US LLC unit. Their $800 million issue of 3 7/8% eight-year senior notes (BB/BB) came at par.
French telecom Iliad Holdings SAS started a roadshow for a €3.6 billion equivalent four-part offering of secured notes.
Medline Industries, LP’s two tranches of senior notes priced last week continued to dominate the junk secondary space on Monday.
Medline’s 3 7/8% senior secured notes due 2029 (B1/B+/BB-) fell 3/8 point to trade under par on over $54 million of volume.
The company’s 5¼% senior notes due 2029 (Caa1/B-/B-) shed ¼ point over the day.
Altice France SA’s 5½% senior secured notes due 2029 (B2/B) also were under pressure during the session and remained below par.
Market action mostly slowed Monday as equities sank and junk energy bonds improved on the back of higher oil prices.
Brent crude futures for November deliveries climbed $1.98 to settle at $81.26 a barrel.
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