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Spectrum prices; Comstock gains; Simmons Foods, Avis improve; Carnival above water
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 19 – The domestic high-yield primary market saw one deal price on Friday.
Spectrum Brands Inc. priced an upsized $500 million issue of 3 7/8% 10-year senior notes (B2/B/BB).
Meanwhile, the secondary space started the day strong with the overall space better bid.
However, the strength dissipated into the afternoon with the market capping a sideways week largely unchanged, sources said.
New paper continued to dominate the tape with several recent issues improving.
Comstock Resources, Inc.’s 6¾% senior notes due 2029 (Caa1/B/B+) continued to gain with the notes rising to a 102-handle after a strong break the previous session.
Avis Budget Car Rental, LLC’s 5 3/8% senior notes due 2029 (B3/B) continued to gain traction after a lackluster start in the aftermarket.
Simmons Foods Inc.’s 4 5/8% senior secured second-lien notes due 2029 (B3/B) also continued to gain momentum in active trading.
Carnival Corp.’s 5¾% senior notes due 2027 (B2/B+) were markedly improved during Friday’s session with the notes closing the day above par after struggling below since pricing.
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