Earthstone jumps on acquisition; Tenneco improves; MultiPlan weaker

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 21 – The high-yield primary market sat idle on Monday.

New issue activity is expected to be sparse ahead of the Labor Day holiday weekend, which gets underway following the Sept. 1 close.

With the primary market pipeline drying up, trading activity was light with topical news the driving force of activity in the space.

And news surrounding Earthstone Energy Holdings, LLC’s acquisition was the focus of the market.

Earthstone’s senior notes (B3/BB-) jumped following reports of Permian Resources Corp.’s $4.5 billion acquisition of the company.

Tenneco Inc.’s recently priced 8% senior secured notes due 2028 (B1/B) continued to improve in heavy volume although they remained well below their discounted issue price.

MultiPlan Corp.’s senior notes saw some selling pressure on Monday with the highly levered company continuing to decline since reporting earnings in early August.

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