XPO Logistics prices, firms; new Gulfport, American Eagle rise; funds gain $680 million

By Paul Deckelman and Paul A. Harris

New York, Aug. 14 – The revived high-yield primary market showed some vigor on Thursday, starting to build momentum after its slow start to the week.

Syndicate sources said that XPO Logistics, Inc., a Greenwich, Conn.-based transportation logistics service provider, came to market with a $500 million offering of five-year notes. Traders said the new deal was well-received, firming smartly once it hit the aftermarket.

The traders also saw some upside in the two junk issues that priced on Wednesday, Gulfport Energy Corp. and American Eagle Energy Corp.

Away from the new issues, some of the most actively traded paper of the day came out of the distressed sector.

For instance, Getty Images, Inc.’s bonds were seen down about 4 points on the day in the low 80s and topped the volume leaders’ list. Market scuttlebutt said the provider of stock picture images to newspapers and magazines was out with disappointing earnings results.

It was another tough day for NII Holdings Inc. Its bonds have been on the slide now for several days since its recent warning that it will probably end up having to file for bankruptcy.

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

Another indicator, the flow of cash into or out of high-yield mutual funds and exchange-traded funds, saw its first positive number after four straight weeks of large losses before that.

© 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.