Junk: Delek prices add-on; Transocean softens; Endo, EquipmentShare.com gain

By Paul A. Harris and Cristal Cody

Tupelo, Miss., April 12 – In the Friday junk primary market session Delek Logistics Partners LP and subsidiary Delek Logistics Finance Corp. priced a $200 million add-on to their 8 5/8% senior notes due March 15, 2029 (B3/BB-) at 101.25 to yield 8.306%, in a drive-by, with the issue price coming at the rich end of talk.

Transocean Inc. paper led secondary action on Friday on more than $230 million of volume between its two new tranches of priority guaranteed notes (Caa1/B-) sold the previous day.

Secondary action was all about new high-yield issues with Endo Finance Holdings, Inc.’s new 8½% senior secured notes due 2031 (B2/B-) also heavily traded Friday.

EquipmentShare.com, Inc.’s 8 5/8% senior secured second-lien notes due 2032 (Ba2/B) had $59 million of notes change hands over the session and were trading 7/8 point better than where they priced Thursday.

Otherwise, market action slowed on the day’s weaker tone.

“Not much going on,” a trader said. “High-yield bonds are softer, but not down much.”

The S&P 500 index closed 1.46% lower, with the iShares iBoxx High Yield Corporate Bond ETF down 4 cents, or 0.05%, to $76.37.

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