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Hertz, Restaurant Brands, ASGN price; Targa, Wesco flat; Cascades up; Murphy Oil lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 14 – The high-yield primary market remained active on Thursday with the truncated post-Veterans Day week shaping up to be the second-biggest week for dollar-denominated issuance to date in 2019.
Hertz Corp. priced an upsized $900 million issue of 6% senior notes due Jan. 15, 2028 (B3/B-).
Restaurant Brands International, Inc. priced a downsized $750 million issue of second lien senior secured notes due Jan. 15, 2028 (B2/B+).
ASGN Inc. priced an upsized $550 million issue of 8.5-year senior notes (Ba3/BB-).
Meanwhile, in the secondary space Wesco PattonAir’s three tranches were hovering around their issue price in active trading.
Targa Resources Partners LP and Targa Resources Partners Finance Corp.’s 5½% senior notes due 2030 were also wrapped around par.
However, Cascades Inc. and Cascades USA Inc.’s dollar-denominated tranches were performing well and seen well above their issue prices.
Murphy Oil Corp.’s 5 7/8% senior notes due 2027 (expected ratings Ba2/BB+/BB+), on the other hand, were lagging in secondary activity.
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