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Transocean prices; CHS, Stars, McClatchy on deck; Novolex dominates; ATD plummets
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 27 – The domestic primary market is pumping out a steady stream of new deals with one deal pricing on Wednesday and more on deck for Thursday.
Transocean Guardian Ltd. aka. RIG, priced an upsized $750 million issue of 5 7/8% 5.5-year senior secured notes (B1/BB-) at 99.00 to yield 6.234% on Wednesday.
CHS/Community Health Systems set price talk for its $1.02 billion offering of 5.5-year senior notes with pricing expected Thursday. The company’s outstanding junk bonds were trading down as the new offering was in the works.
Stars Group Holdings BV’s offering of $750 million eight-year senior notes is also expected to price on Thursday with McClatchy Co.’s offering of $310 million eight-year senior notes set to price before the end of the week.
Flex Acquisition Holdings, Inc., doing business as Novolex, priced a $500 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 7 7/8% late Tuesday.
The new notes dominated trading activity in the secondary space although their performance was lackluster, a market source said.
Meanwhile, American Tire Distributors’ 10¼% senior notes due 2022 hit a new low on Wednesday with the notes dropping more than 30 points after Bridgestone announced it would no longer distribute passenger and light truck tires through the company.
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