Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Endo Finance Holdings Inc. > News item |
Junk: Transocean, Endo, EquipmentShare price; cruisers dip; funds lose $476.4 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 11 – A busy session in the high-yield new issue market saw three issuers price a combined four tranches of notes to raise an overall total of $3.4 billion.
Two of the three issuers upsized their placements while one downsized.
All four tranches saw sharp executions that brought them at the tight ends of talk.
In drive-by action, Transocean Inc. priced an upsized $1.8 billion amount (from $1.5 billion) of priority guaranteed notes (Caa1/B-) in two tranches.
At the conclusion of a roadshow, Endo Finance Holdings, Inc. priced a downsized $1 billion issue (from $1.25 billion) of 8½% seven-year senior secured notes (B2/B+) at par.
And EquipmentShare.com, Inc. priced an upsized $600 million issue (from $500 million) of 8 5/8% eight-year senior secured second-lien notes (B3/B) at par.
Meanwhile, it was another soft day in the secondary space. The market was off another 1/8 to ¼ point with the latest round of macro data continuing to call into question the Fed’s rate cut path.
The cruisers were active with Carnival Corp.’s 6% senior notes due 2029 (B3/BB-) and Royal Caribbean Cruises Ltd.’s 6¼% senior notes due 2032 (Ba2/BB+) dipping alongside the broader market.
High-yield mutual funds and exchange-traded funds saw their second consecutive week of outflows with $476.4 million leaving the space in the week through Wednesday’s close.
© 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.