Antero, Ritchie Bros., Tervita price new issues; new Chesapeake, other Tuesday deals busy

By Paul Deckelman and Paul A. Harris

New York, Dec. 7 – The high-yield primary sphere kept busy on Wednesday, with a trio of issuers bringing new offerings totaling $1.46 billion to market – although that was down from the $2.35 billion of new dollar-denominated and fully junk-rated paper that had gotten done in four tranches during Tuesday’s session, according to data compiled by Prospect News.

Oil and natural gas exploration and production company Antero Resources Corp. had the big deal of the day, an upsized $600 million of 8.25-year notes, which remained around their issue price, though in brisk trading, when they hit the aftermarket after pricing.

Ritchie Bros. Auctioneers Inc., a Canadian industrial auctioneer and equipment distributor, brought the gavel down on a $500 million issue of eight-year notes, which were not initially reported to be trading around.

Another Canadian company – earth, water, waste and resources solutions provider Tervita Corp. – priced $360 million of five-year notes.

Apart from the day’s deals, traders said that recently priced issues dominated secondary activity on Wednesday.

Chief among them was Chesapeake Energy Corp.’s new eight-year notes, which had priced on Tuesday, although terms on the deal didn’t hit the market until early Wednesday.

They also saw considerable activity in such new-issue names as Rowan Cos., Inc., Parsley Energy, LLC and Cheniere Corpus Christi Holdings, LLC.

Statistical market performance measures remained higher across the board on Wednesday for a fourth consecutive session.

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