Endurance Int’l prices, does not syndicate; Solera hits road; new Manitowoc paper firms

By Paul Deckelman and Paul A. Harris

New York, Feb. 9 – Endurance International Group Holdings Inc. became the late latest high yield credit to price a bond deal, doing $350 million of eight-year notes on Tuesday.

However, syndicate sources said that – unlike virtually every other junk deal to have priced so far this year – the online marketing company’s new issue did not syndicate, with the dealers unable to place the bonds with investors, at least for now.

Something similar happened in the first new deal to hit the junk bond market, for Kraton Polymers LLC back in early January.

The syndicate sources meantime heard auto insurance software provider Solera, LLC about to hit the road with a more than $2 billion equivalent dollar- and euro-denominated offering.

Among bonds that have already priced traders saw a little bit of firming in the bonds of both Manitowoc Cranes Escrow Corp., which priced on Monday, and Manitowoc Food Service Escrow Corp., which came to market on Friday – but neither saw any substantial trading volume.

Away from the new deals, there was continued active volume trading in the bonds of Chesapeake Energy Corp.; for a second straight session, those credits fell by multiple points on rumors – denied by the company – it was considering a possible bankruptcy filing.

Statistical measures of junk market performance turned mixed on Tuesday, after having been lower across the board Monday; it was their fourth mixed session in the last five trading days.

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