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Ritchie Bros, IAA fall as merger approval questioned; Atlas Air lifted
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 6 – No issues priced in the dollar-denominated high-yield primary market on Monday.
With the J.P. Morgan Global High-yield & Leveraged Finance Conference underway in Miami, new issue business is expected later in the week, sources said.
Meanwhile, the secondary space was either side of unchanged in muted volume with the market pausing after gaining strength the latter part of last week.
The market opened strong with the gains expected to continue but softened as selling pressure took hold of equities midway through the session, a source said.
Recent issues and topical news were the drivers of activity in the space with the two catalysts converging around Ritchie Bros. Auctioneers Inc.’s recently priced tranches.
Ritchie Bros. 6¾% senior secured notes due 2028 (Ba2/BB+) and the 7¾% senior notes due 2031 (B1/BB-) sank in heavy volume after proxy advisors recommended Richie shareholders reject its acquisition of IAA Inc.
The news also sank IAA SpinCo.’s 5½% notes due 2027 (B2/B) more than 3 points.
Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, were lifted in active trade with the notes breaking above a 96-handle.
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