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Three junk deals in primary; ITT outperforms; Leeward, Carrols at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 24 – The new issue market continued to crank on Thursday.
Three issuers priced four tranches of junk totaling $2.7 billion, while Centene Corp., an ultra-familiar name on the high-yield bondscape, completed a $1.8 billion split-rated deal (see related stories in this issue).
Meanwhile, new paper continued to dominate the tape with the deals to price during Wednesday’s session putting in strong performances.
ITT Holdings LLC’s 6½% senior notes due 2029 (B1/B) outperformed several recent deals with the notes almost 2 points above their issue price.
Leeward Renewable Energy Operations, LLC’s 4¼% green senior notes due 2028 (//BB-) were also putting in a strong performance with the demand seen during bookbuilding following the notes into the secondary space.
Carrols Restaurant Group, Inc.’s 5 7/8% senior notes due 2029 (Caa1/CCC) were also trading at a premium to their issue price although the notes remained on a par handle.
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