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Junk: Tekni-Plex prices; Benteler sets talk; Allwyn powers higher; CSC, Atlas Air lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 25 – In the junk bond primary market on Tuesday, Trident TPI Holdings, Inc. priced a $620 million offering.
Meanwhile, it was a soft day in the secondary space as First Republic Bank’s earnings reawakened concerns about the stability of the banking sector.
However, the cash bond market held up well compared to the selling pressure in equities with the market off 1/8 to ¼ point, a source said.
Trading activity remained thin with new and recent issues continuing to dominate the tape.
Allwyn Entertainment Financing (UK) plc’s 7 7/8% senior secured notes due 2029 (BB/BB-) continued to add in heavy volume despite a soft day for the market.
Kedrion Biopharma/Kevlar SpA’s 6½% senior secured notes due 2029 (B3/B) pared their losses since breaking for trade although the notes remained well below their discounted issue price.
Altice USA, Inc. subsidiary CSC Holdings, LLC’s recently priced 11¼% senior guaranteed notes due 2028 (B1/B) continued to lose steam in aftermarket activity with the notes dropping further below par during Tuesday’s session.
However, Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, remained the worst performing deal of 2023 with the notes returning to a 91-handle on Tuesday.
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