WildHorse, Jacobs, Trinidad deals price to cap $5 billion week, day’s deals move higher

By Paul Deckelman and Paul A. Harris

New York, Jan. 27 – The high-yield primary sphere saw a trio of new deals price on Friday – all of them $350 million in size and all regularly scheduled forward calendar offerings.

That new issuance was up from the mere $55 million which had priced in one quickly shopped add-on tranche on Thursday.

Two of the day’s new issues came from energy-related names – Canadian oilfield services company Trinidad Drilling Ltd.’s eight-year issue and domestic oil and natural gas exploration and production company WildHorse Resource Development Corp.’s transaction, also an eight-year piece of paper.

The day’s lone non-energy deal was casino operator Jacobs Entertainment Inc.’s seven-year senior secured second-lien notes.

The day’s $1.05 billion of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers brought this week’s tally of new bonds to just under $5 billion in 14 tranches, according to data compiled by Prospect News.

But it continued to swell the year-to-date new-deal stats, which remain far ahead of year-ago levels, the data indicated.

Traders saw all three of the day’s new deals better in brisk aftermarket dealings, with the Jacobs and Trinidad deals showing particular strength.

Statistical market performance measures were mixed for a second straight session on Friday; they had turned mixed on Thursday after being higher across the board for two straight sessions.

© 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.