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Six Flags plays to U.S. junk market; Tekni-Plex soars; Blackstone Mortgage gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 26 – Six Flags Entertainment Corp. was the issuer of the day in the U.S. junk bond market, bringing a drive-by deal for a liability management exercise.
Meanwhile, it was another soft day in the secondary space with the cash bond market off about 1/8 point as investors digested strong tech earnings versus reawakened fear about the stability of the banking system.
While the market was soft, activity remained light with activity concentrated in new and recent issues.
Trident TPI Holdings, Inc.’s, the parent of Tekni-Plex Inc., new 12¾% senior notes due 2028 (Caa2/CCC+) soared in the aftermarket with the notes climbing several points above a discounted issue price.
DISH Network Corp.’s senior notes were active although with little movement in price during Wednesday’s session.
While DISH was flat, Altice USA, Inc. subsidiary CSC Holdings, LLC’s recently priced 11¼% senior guaranteed notes due 2028 (B1/B) and Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, continued their downtrends.
However, positive earnings lifted Blackstone Mortgage Trust, Inc.’s 3¾% senior secured notes due 2027 (Ba2/BB-), which were among the largest gainers of Wednesday’s session.
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