Tenneco 10-year drives by, moves up; new Spectrum firmer; more energy angst, Claire’s climbs

By Paul Deckelman and Paul A. Harris

New York, Dec. 2 – Tenneco Inc. came to market on Tuesday with a $225 million 10-year offering. The automotive parts maker’s drive-by transaction was heard by traders to have firmed from its issue price.

They meantime said that Monday’s quickly shopped $250 million 10-year issue from consumer products manufacturer Spectrum Brands, Inc. had moved up from the initial aftermarket levels the bonds reached after pricing.

Away from the deals that have actually priced, syndicate sources heard price talk out on German cable TV operator Unitymedia KabelBW’s upsized and restructured €1.18 billion equivalent two-part deal, which includes $500 million of dollar-denominated 10-year senior secured notes, as well as a similar euro-denominated tranche. That transaction is expected to price on Wednesday.

They also heard that Westmoreland Coal Co. will be shopping a $400 million seven-year secured offering around to potential investors.

Away from the new deals, traders said that oil and natural gas names like Halcon Resources Corp. and SandRidge Energy Inc. were being pushed lower for yet another session, after crude oil prices gave up the rare gains they had notched on Monday.

Outside of the energy arena, Claire’s Stores Inc.’s bonds rose, ahead of Wednesday’s scheduled release of the retailer’s latest earnings data.

Statistical market performance indicators turned mixed, after having been on the downside all around over the previous two sessions.

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