Junk: $2.2 billion of new paper; Consolidated Communications falls; Ranger Oil spikes

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 28 – The Tuesday high-yield primary market session supported two issuers bringing a total of three tranches, to raise a combined total of $2.2 billion.

Meanwhile, it was a largely sideways day in the secondary space with the market soft but activity light as market players awaited deals in the pipeline.

While the broader market was flat, topical news sparked large price movements in outstanding issues, both to the upside and downside.

Consolidated Communications Holdings, Inc.’s 6½% senior secured notes due 2028 (B3/B-) sank more than 6 points following earnings.

However, Ranger Oil Corp.’s (formerly known as Penn Virginia Corp.) 9¼% senior notes due 2026 (B+) jumped more than 6 points following news Baytex Energy Corp. would acquire the company in a cash and stock transaction valued at $2.5 billion.

DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) were pressured in heavy volume with the notes sinking to a 101-handle after a ransomware attack and an analyst’s double downgrade of the stock sparked selling in the name.

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