Carpenter prices; Blue Racer withdraws; Rattler Midstream trades up; Diebold weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 10 – The bustling high-yield new issue market took a bit of a breather on Friday with only one deal pricing.

Carpenter Technology Corp. priced a $400 million split-rated issue of eight-year senior notes (Ba3/BBB-) in a deal that was heavily oversubscribed.

However, Blue Racer Midstream, LLC withdrew its $400 million offering of five-year senior notes (B2/B/BB-) citing unfavorable market conditions.

Meanwhile, it was an uneventful day in the secondary space with the market flat and trading volume light, a source said.

Rattler Midstream LP’s 5 5/8% senior notes due 2025 (Ba3/BBB-/BB+) were in focus with the notes trading up to a 101-handle.

Diebold Nixdorf’s newly priced 9 3/8% senior notes due 2028 were coming in on Friday after a strong break in the previous session.

However, the notes continued to trade at a steep premium to their discounted issue price.

Outside of recent issues, Carnival Corp.’s 11½% first-priority senior secured notes due 2023 (Baa2/BBB-) were active although little changed after the cruise line operator posted second-quarter earnings.

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