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Post prices upsized 10-year, current bonds firm; Sprint, Outerwall, Clayton Williams gain
By Paul Deckelman and Paul A. Harris
New York, July 25 – The high yield primary opened the last trading week of July by serving up a big deal from breakfast cereal giant Post Holdings, Inc., which priced a quickly shopped and upsized $1.75 billion of 10-year notes. Traders initially quoted the notes modestly higher, but later pegged them around their issue price.
Post’s existing 2022 notes – which are to be refinanced using the proceeds from the new deal – firmed smartly, in active dealings.
Syndicate sources said that building products maker Eagle Materials Inc. began shopping a $300 million of 10-year notes around, with pricing expected late in the week.
Away from new-deal names, traders said that Sprint Corp.’s various bonds were multiple points higher across the wireless service provider’s capital structure, after it reported unexpectedly favorable fiscal first-quarter results.
Outerwall Inc. – operator of the ubiquitous Redbox movie and video game rental kiosks – was the big winner on the day, jumping more than 15 points in active trading on the news that it will be acquired by private equity firm Apollo Global Management LLC.
Energy-sector credits such as California Resources Corp. and Oasis Petroleum Inc. lost multiple points, in line with a big downturn in world crude oil prices. But sector peer Clayton Williams Energy, Inc. bucked the negative trend, rising solidly after it said that it will sell $150 million of common stock and may use proceeds from that capital raising to reduce its outstanding bond debt.
Statistical market performance measures turned mixed on Monday after having been higher across the board on Friday. It was the second mixed session in the last three trading days.
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