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Scientific Games, Sealed Air, Outfront Media, goeasy price; Cascades, Houghton Mifflin join calendar
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 12 – The domestic high-yield primary market’s drive through window was wide open on Tuesday with six issuers pricing $3.33 billion.
Scientific Games Corp. priced $1.2 billion of senior notes (Caa1/B-) in two tranches.
Nexstar Media Group, Inc. priced a $665 million add-on to the Nexstar Broadcasting Inc. 5 5/8% senior notes due July 15, 2027 (B3/B).
goeasy Ltd. priced an upsized $550 million issue of five-year senior notes (Ba3/BB-).
Endeavor Energy Resources, LP priced a $500 million add-on to its 5¾% senior notes due Jan. 30, 2028 (B1/BB-).
Outfront Media Capital LLC and Outfront Media Capital Corp. priced a $500 million issue of senior notes due March 15, 2030 (B1/BB-).
And Sealed Air Corp. priced a $425 million issue of eight-year senior bullet notes (Ba3/BB+).
The forward calendar also swelled with ASGN Inc., Cascades Inc. and Cascades USA Inc., Vector Group Ltd., Univar Solutions Inc. and Houghton Mifflin Harcourt Publishers Inc. prepping offerings.
Meanwhile, the secondary space was again largely flat, sources said.
While focus was on the slew of new deals announced, Dean Foods Co.’s 6½% senior notes due 2023 were among the most actively traded issues in the secondary space.
The notes plummeted on news the struggling food and beverage company had filed for bankruptcy.
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