NCSG, Intrepid, Linc deals close $5.8 billion week; market rebounds despite huge outflows

By Paul Deckelman and Paul A. Harris

New York, Aug. 8 – The high-yield primary closed out the week Friday pricing three deals off the forward calendar for total proceeds of $645 million, even as market participants studied the massive outflow numbers reported on Thursday for high-yield mutual funds and exchange-traded funds.

NCSG Crane & Heavy Haul Corp. priced a downsized $305 million of five-year senior secured notes.

Australia’s Linc Energy Ltd. brought $125 million of three-year secured notes to market via a pair of financing subsidiaries, Linc USA GP and Linc Energy Finance (USA) Inc.

And Intrepid Aviation Group Holdings, LLC did an upsized $215 million add-on to its existing 2019 notes, with the new paper quoted right around its issue price.

The deals brought the week’s issuance of new dollar-denominated, fully junk-rated paper to some $5.76 billion in 14 tranches, according to data compiled by Prospect News – down from the $6.04 billion in 17 tranches that got done in the previous week, ended Aug. 1.

The week’s issuance, in turn, raised the year-to-date tally of new bonds to $209.15 billion in 410 tranches, running about 6.3% ahead of last year’s near-record pace.

Statistical indicators of junk market performance were mixed for a fifth straight session on Friday versus the six-session losing streak seen previously, but higher versus where they finished out the previous week.

© 2015 Prospect News.
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