Maxim Crane on junk deck; Tenneco tanks; Crestwood soars on acquisition; Coherent falls

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 16 – The junk bond new issue market remained quiet on Wednesday with one deal remaining on the forward calendar.

Maxim Crane Works Holdings Capital, LLC is on deck with a $500 million offering of five-year second priority senior secured notes (Caa1/B-) with pricing expected on Thursday.

Meanwhile, it was a soft day in the secondary space with the release of the Federal Open Market Committee’s July meeting notes throwing cold water on market optimism that the Fed’s rate-hike campaign was coming to an end.

Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) claimed the title of the worst performing new deal on the break with the notes falling 3 points below their deeply discounted issue price.

Crestwood Midstream Partners LP's senior notes (Ba3/BB) outperformed on Wednesday with the notes jumping 3 to 5 points following news of the company’s acquisition by Energy Transfer LP.

Earnings continued to spark outsized moves in outstanding issues with Coherent Inc.’s (formerly II-VI Inc.) 5% senior notes due 2029 (B2/B+) sinking 3 to 4 points on disappointing results.

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