Comstock Resources, Magnolia Oil & Gas on tap; Intelsat climb continues; WeWork rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 13 – The domestic primary market remained quiet on Friday with the European primary market seeing the lone deal of the day price.

Germany-based Kaefer Isoliertechnik GmbH & Co. priced a €250 million issue of 5.5-year senior secured notes (B1/BB-/BB) at par to yield 5˝% on Friday.

While no new paper entered the space on Friday, the forward calendar continued to grow with two deals on deck for the July 16th week.

Comstock Resources, Inc. is expected to price $850 million of senior notes due 2026 in the coming week.

Magnolia Oil & Gas is also expected to price $400 million of eight-year senior notes (/BB-/BB-).

Meanwhile, Intelsat Luxembourg SA’s junk bonds remained in focus with the broadcast satellite company’s 8 1/8% senior notes due 2023 again jumping 2 points after a 2-point rise on Thursday.

WeWork Cos. Inc.’s struggling 7 7/8% senior notes due 2025 (Caa1/B+/BB-) have been on the rise over the past week with the notes up about 1 point on Friday.

While the secondary space was quiet on Friday, it was firm with spreads seen tightening and bids coming in better, a market source said.

Tesla Inc.’s 5.3% senior notes due 2025 were up about ˝ point on Friday although the increase did not appear to be connected to any news event, a market source said.

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