Ready Cap does small add-on; Brand, BevMo!, Oppenheimer on tap; oil slide continues

By Paul Deckelman and Paul A. Harris

New York, June 15 – The high-yield primary sphere remained fairly quiet on Thursday; syndicate sources reported that after two straight sessions in which absolutely no U.S. dollar-denominated and fully junk-rated new paper had come to market, a smallish add-on offering of 2022 notes from real estate investment trust ReadyCap Holdings, LLC, managed to squeeze through.

But Brand Energy & Infrastructure Services Inc.’s planned $700 million of eight-year notes, expected to appear on Thursday, was instead heard to have been pushed off till Friday.

That session could also see alcoholic beverage retailer Beverages & More’s $190 million five-year secured issue get done, along with financial services company Oppenheimer Holdings Inc.’s $200 million of five-year secured notes.

In the secondary realm, traders said that continued weakness in oil and natural gas credits, driven by falling crude oil prices, was the big story of the day.

Among the names seen lower on the session were reliable sector bellwether California Resources Corp., as well as Whiting Petroleum Corp., Chesapeake Energy Corp. and Oasis Petroleum Inc.

Recently priced Hertz Corp. and NOVA Chemical Corp. tranches were among the most actively traded names on the day.

Statistical market performance measures turned lower across the board on Thursday, after having been mixed on Wednesday and higher all around on Monday and again on Tuesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.