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Algeco Scotsman, EnVen deals price, move up; junk market tone improves as stocks higher
Paul Deckelman and Paul A. Harris
New York, Feb. 6 – It was another wild day in the financial markets on Tuesday, with equities continuing to gyrate and high-yield going along for the ride.
But in contrast to the wholesale carnage seen on Wall Street on Friday and again on Monday, with stock indexes viciously hammered down by hundreds of points each day, that market seemed to have recovered at least some of its lost ground, ending higher on the day – with junk traders observing that high-yield’s tone also seemed somewhat improved.
However, they were quick to point out that while junk had booked losses over the previous two sessions, the selling had been orderly and far from the sell-offs seen in equities.
Primaryside sources saw two new deals get done Tuesday as regularly scheduled forward calendar offerings.
Portable storage container and pre-fabricated structure provider Algeco Scotsman priced a pair of dollar-denominated tranches as part of a four-part dollar and euro deal; the $825 million dollar portion of that transaction consisted of $520 million 8% senior secured notes and $305 million of 10% senior unsecured notes, both due 2023.
Both tranches priced at a steep discount to par and were seen having moved up in the aftermarket.
Oil and natural gas exploration and production company EnVen Energy Corp. did a $325 million five-year secured deal; traders said those new notes firmed smartly when they hit the aftermarket, although volume was very limited.
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