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Junkland: New Home prices; Matador, VMED, GGAM improve; Algoma softens
By Abigail W. Adams
Portland, Me., March 27 – While the European high-yield primary market continued to roll off deals at an active clip, the domestic high-yield primary market cooled its pace after logging one of the busiest days of the year on Tuesday.
New Home Co. Inc. cleared the dollar-denominated calendar by pricing a downsized $300 million issue of 5.5-year senior notes (B2/B-).
In the secondary market, new paper was putting in solid performances across the board with all issues trading with premiums to their issue prices.
Algoma Steel Inc.’s new 9 1/8% senior secured second-lien notes due 2029 (B3/B/BB-) were coming in slightly after a strong break although they continued to trade with a premium.
Matador Resources Co.’s 6½% senior notes due 2032 (B1/BB-/BB-), VMED 02 UK Financing I plc’s 7¾% senior secured notes due 2032 (Ba3/B+/BB+), and Griffin Global Asset Management subsidiary GGAM Finance Ltd.’s 6 7/8% senior notes due 2029 (BB-/BB) improved in heavy volume.
AMC Networks Inc.’s 10¼% senior secured notes due 2029 (Ba3/BB) and Phinia Inc.’s 6¾% senior secured notes due 2029 (Ba1/BB+) were unchanged on the day with both issues holding on to the strong gains made on the break.
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