Medline, Miter price; secondary firm post-Fed; Crescent Energy adds; Altice crumbles post-earnings

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 20 – In the junk bond market on Wednesday, two issuers used Fed day to price new offerings.

Medline Industries, LP and Miter Brands together brought $1.7 billion of new paper to the market.

Meanwhile, a flat open gave way to a strong close in the secondary space with the market gaining strength on the heels of the Federal Open Market Committee announcement and Federal Reserve chair Jerome Powell’s press conference.

New and recent issues remained in focus with the notes to break for trade following mixed trajectories during Wednesday’s session.

Crescent Energy Co.’s new 7 5/8% senior notes due 2032 (B1/BB-/BB-) continued to add in heavy volume after a decent break the previous session.

However, Landsea Homes Corp.’s new 8 7/8% senior notes due 2029 (B/B+) gave back all gains made on the break to return to issue price.

In existing issues, Altice France Holding SA’s senior notes plunged in heavy volume after the company announced earnings and warned creditors they may need to participate in discounted debt exchanges.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.