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BlueMountain Buys Lexmark Stake as Swaps Drop: Corporate Finance

BlueMountain Capital Management LLC, the $13.6 billion hedge-fund firm led by Andrew Feldstein, is targeting Lexmark International Inc. for its biggest equity wager as the printer maker bolsters its creditworthiness.

The investment manager led by the former JPMorgan Chase & Co. executive who helped create the credit-default swaps market disclosed a 5.6 percent active stake in Lexmark in an April 26 regulatory filing. Contracts tied to its debt have dropped 237.4 basis points this year to 279.7 basis points, more than eight times the average 29 basis-point decline at investment-grade technology companies, according to data compiled by Bloomberg.