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Genesis Energy prices; Clean Harbors, Transocean, DISH outperform on rocky day in HY market
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 18 – On the heels of a torrid Tuesday in the primary market the high-yield new issue bourse backed off on Wednesday with a single upsized drive-by deal pricing.
In a heavily oversubscribed offering, Genesis Energy, LP and Genesis Energy Finance Corp. sold an upsized $500 million 7.25-year senior note (B2/B).
The secondary space opened the day strong with the market lifted by a producer price index report that came in softer than anticipated.
However, continued hawkish comments from Federal Reserve officials and recession fears rekindled by a surprise decrease in retail spending and a deeply inverted yield curve drove the market lower.
Transocean Inc.’s new 8¾% senior secured notes due 2030 (B2/B-), Bombardier Inc.’s 7½% senior notes due 2029 (B3/B-) and Clean Harbors, Inc.’s 6 3/8% senior notes due 2031 (Ba3/BB+) outperformed with the notes 1 to 2 points above their issue prices.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) reclaimed their previous heights after Tuesday’s add-on drove the notes lower.
Sealed Air Corp.’s 6 1/8% senior notes due 2028 (Ba2/BB+) and Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp.’s 7 3/8% senior secured notes due 2031 (Ba3/BB) also held some premium although the notes remained on a par-handle.
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