Cimpress prices; Callon stuck at par; L Brands active on exchange offer; Talen gains

By Abigail W. Adams

Portland, Me., June 1 – While new deal volume was light throughout the week, the domestic and European primary market saw some action on Friday.

In the lone dollar-denominated deal of the day, Cimpress NV priced $400 million of eight-year senior notes (B1/B+) on Friday at par with a coupon of 7%.

As Cimpress brought a new deal into the market to refinance its outstanding 7% notes due 2022, those existing notes were active, a market source said.

In the European market, Etrion Corp. priced €40 million of three-year senior bonds with a coupon of 7¼% and Bulk Industrier AS priced NOK650 million of three-year secured bonds on Friday.

The new deal pipeline is expected to pick back up in the week ahead, market sources said.

Meanwhile, Callon Petroleum Co.’s newly priced 6 3/8% senior notes due 2026 (B3/B+) were again the major volume movers in the secondary space although the notes remained “stuck” at par, a market source said.

Talen Energy Corp.’s junk bonds were again on the rise on Friday with the notes seen up 1.5 to 2.5 points in decent trading volume after the future of the energy company’s Colstrip power plant was discussed at an energy summit in Montana.

L Brands, Inc.’s junk bonds were also active and making gains after the company announced an exchange offer.

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