Bonanza Creek drive-by, Triangle lead $1.24 billion day; Rockwood up on acquisition news

By Paul Deckelman and Paul A. Harris

New York, July 15 – The high-yield market continued to churn out new deals on Tuesday for a second consecutive session as syndicate sources saw four new issues having priced.

The day saw $1.24 billion of dollar-denominated and purely junk-rated paper come to market, on top of the $1.48 billion that had gotten done on Monday.

The day’s big deal was an upsized $450 million offering of eight-year notes from Triangle Petroleum Corp. via a subsidiary. Sector peer Bonanza Creek Energy, Inc. had the day’s sole quick-to-market pricing, with $300 million of 8.5-year notes.

Additionally, Northwest Hardwoods, Inc. priced $300 million of seven-year secured notes, while Ipreo Holdings, LLC sold a downsized $180 million eight-year issue.

Traders said that Triangle Petroleum’s new bonds did especially well in the aftermarket.

But other secondary issues struggled – even Monday’s robust new deal from Rex Energy Corp. – as Junkbondland was seen generally in retreat, particularly after Federal Reserve chief Janet Yellen’s appearance before the Senate Banking Committee.

In contrast, Rockwood Specialties Group Inc.’s 2020 notes and shares both jumped in heavy trading on the news that the firm is to be acquired by Albermarle Corp.

But the junk market was softer otherwise, with statistical indicators of market performance seen lower across the board after Monday’s upside momentum had melted.

© 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.