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Wesco PattonAir downsizes; Albertsons improves; LPL up; Teva active; Wildhorse rebounds
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 8 – The primary market was quiet on Friday, but the coming weeks promise to be busy with some large offerings on deck.
Wesco PattonAir downsized its junk bond offering to $2.1 billion and widened pricing on Friday with the books expected to close on Tuesday.
Teva Pharmaceutical Industries Ltd. (Ba2/BB/BB) announced plans on Friday for a roadshow for a $1.5 billion equivalent two-tranche offering that will run through the Nov. 18 week.
Meanwhile, in the secondary space Albertsons’ recently priced 4 5/8% senior notes due 2027 were slightly improved with the majority of trades during Friday’s session at par.
LPL Financial Holdings Inc.’s 4 5/8% senior notes due 2027 (B1/BB) were active and trading at a premium to their issue price.
Teva Pharmaceutical Industries Ltd.’s junk bonds were active and slightly improved after the company announced its new offering.
The carnage continued for Party City Holdings Inc.’s junk bonds with the company’s longer duration notes again sinking double digits.
However, WildHorse Resource Development Corp.’s 6 7/8% senior notes due 2025 were on the mend on Friday after selling off earlier in the week in tandem with Chesapeake Energy Corp.’s junk bonds.
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