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Drahi’s Record Junk Bonds Produce $490 Million Investor Windfall

Billionaire Patrick Drahi is winning friends in the junk-bond market, rewarding investors who bought into his record $17 billion offering yesterday with a profit of more than $490 million.

Prices surged as the securities started trading, with $2.9 billion of Altice SA’s 7.75 percent eight-year bonds climbing more than 4 cents on the dollar, according to data compiled by Bloomberg. They were offered at face value.