Acrisure caps $6.7 billion week; Thursday deals busy and better; oil names jump with crude

By Paul Deckelman

New York, Nov. 3 – The high-yield primary market saw a single dollar-denominated pricing on Friday as insurance brokerage company Acrisure LLC priced an upsized $925 million issue of eight-year notes.

Those new bonds traded actively when they hit the secondary market but slipped a little from their issue price.

Another anticipated pricing – telecommunications company Windstream Holdings, Inc.’s $250 million of eight-year first-lien notes – had not been seen by the market closing time, traders said.

Acrisure’s deal brought the week’s total of new dollar-denominated and fully junk-rated issuance up to nearly $6.7 billion, according to data compiled by Prospect News.

In the secondary sphere, traders saw vigorous investor interest in the four new deals which had come to market on Thursday, from Navistar International Corp., Entegris Inc., Constellium NV and Freedom Mortgage Corp. Each of those new deals traded busily enough to make it to the day’s Most Actives list and the Freedom Mortgage deal was particularly strong.

Away from the new issues, traders said that oil and gas names such as California Resources Corp. and Denbury Resources Inc. ruled the roost, fueled by a surge in world crude oil prices.

On the downside, Frontier Communications Corp. continued to take a beating in the wake of disappointing numbers released earlier in the week.

Statistical market performance measures turned mixed on Friday after having fallen across the board on Thursday.

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