EnLink, NGL price; Euro deals trade up; Weatherford tanks; Tesla drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 4 – The domestic high-yield primary market was active on Thursday with two deals pricing.

EnLink Midstream, LLC priced a $500 million issue of senior bullet notes due June 1, 2029 (Ba1/BB+/BBB-) at par to yield 5 3/8% in a Thursday drive-by.

NGL Energy Partners LP priced a $450 million issue of seven-year senior notes (B2/B+/B) at par to yield 7˝% on Thursday.

However, all eyes will be on Friday’s session when news is expected to surface on Staples, Inc.’s $2,125,000,000 two-part deal.

Ensign Drilling Inc. may also price its $700 million offering of five-year senior notes (B2/BB-) on Friday.

Otto Group priced a €250 million issue of non-rated seven-year “sustainable” senior bullet notes at par to yield 2 5/8% in the European market.

In the secondary, Weatherford International plc’s 5 1/8% senior notes due Sept. 15, 2020 tanked in active trading on Thursday as the notes approach their maturity.

Tesla Inc.’s 5.3% senior notes due 2025 also dropped in high-volume activity due to disappointing first-quarter delivery numbers.

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