Service King add-on, upsized CrownRock price; new CrownRock up; existing energy bonds surge

By Paul Deckelman

New York, Feb. 3 –The high-yield primary market saw a pair of dollar-denominated, junk-rated deals from domestic issuers price on Tuesday, totaling $450 million in two tranches.

CrownRock, LP and its CrownRock Finance, Inc. unit came to market with an upsized $350 million of eight-year notes; that paper priced at a discount to par. The new bonds were heard by traders to have firmed smartly when they were freed for secondary dealings, reflecting, one said, investors’ desire for new energy exploration and production paper.

The day’s other dollar pricing came from Service King Collision Repair Centers, which priced a $100 million add-on to an existing issue.

The only other pricing on the day came out of Europe, where Swiss packaging manufacturer SIG Combibloc came to market with a restructured and downsized notes offering.

The forward calendar grew, with the addition of prospective new deals from American Tire Distributors, Inc. and SS&C Technologies Holdings, Inc., while Western Refining Logistics, LP began a roadshow for a deal expected to price at the week’s end.

Away from the new issues, oil and natural gas E&P names like California Resources Corp. were higher, frequently on sizable volume, coinciding with an upturn in oil prices.

Statistical market performance measures were higher across the board for a second consecutive session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.