Downsized ClubCorp caps $4 billion primary week; recent bonds busy; Chesapeake slide continues

By Paul Deckelman and Paul A. Harris

New York, Dec. 4 – The high-yield primary market slowed down on Friday from the previous day’s activity pace, with syndicate sources seeing just one deal, worth $350 million, pricing during the session.

Club Corp Holdings, Inc., an operator of golf courses and other leisure-time facilities, came to market with a downsized $350 million of eight-year notes, which priced as a regularly scheduled forward calendar transaction.

That single pricing was in contrast to the $1.2 billion of new dollar-denominated, fully junk-rated paper which priced in three tranches during Thursday’s session, according to data compiled by Prospect News.

Traders saw active dealings in the new issues which had priced on Thursday – HCA Holdings Inc.,

Aramark Services Inc. and Group 1 Automotive, Inc., as well as Ball Corp.’s Wednesday megadeal.

Away from the new issues, Chesapeake Energy Corp.’s notes continued to retreat in the face of the company’s announcement of an exchange offer for a portion of its notes.

Statistical measures of junk market performance turned mixed on Friday, after having been lower across the board on Thursday. It was their second mixed session in the last three trading days.

The indicators were also mixed versus where they had finished out the previous week, their third straight mixed week after two consecutive higher weeks before that.

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