Energizer SpinCo, Bellatrix price to cap $8.6 billion primary week; Thursday deals mostly better

By Paul A. Harris and Paul Deckelman

New York, May 15 – The high yield-primary market had an anticlimactic session Friday, after having experienced one of the biggest new-deal sessions of the year on Thursday.

Syndicate sources saw a pair of regularly scheduled deals price off the forward calendar.

Energizer SpinCo Inc., a financing vehicle for the coming spinoff of Energizer Holdings Inc.’s household products business, including its eponymous and iconic line of batteries, priced $600 million of 10-year notes.

Bellatrix Exploration Ltd., a Canadian oil and natural gas exploration and production company, brought a $250 million issue of five-year paper to market, priced a little below par.

Friday’s two deals – which came too late in the session for any meaningful aftermarket activity – brought the week’s tally of new issues up to $8.64 billion in 19 tranches, although that was still down from the $10.41 billion that had priced in 17 tranches the previous week, ended May 8, according to the data.

With the day’s new deals not seen in the market, investors’ attention turned to the giant-sized buffet of new paper that had priced on Thursday, and they dug right into it, pushing some of those deals higher on the day in active trading, including Spectrum Brands Holdings, Inc., CNO Financial Group, Inc., Ally Financial Inc. and Genesis Energy, LP.

Statistical market performance indicators were trending higher on Friday, after having been lower across the board on Tuesday and mixed on Wednesday and Thursday.

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