PS Logistics on tap in junkland; Wesco Aircraft mixed; Southwestern climb continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 2 – Primary market activity remained relegated to the Scandinavian market on Thursday with another dollar-denominated deal pricing.

Antwerp-based maritime petroleum transporter Euronav NV priced $200 million of five-year senior notes.

However, there continued to be inklings of what domestic high-yield primary market’s post-Labor Day calendar will look like with another refinancing deal announced.

PS Logistics disclosed plans to sell $300 million of senior notes alongside a $385 million term loan in September.

Meanwhile, the already slow pace of secondary market activity was reduced to a crawl on Thursday with pre-holiday weekend activity further hampered by the destruction Hurricane Ida wrought on the New York, New Jersey and Connecticut tristate area.

However, Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) remained active with the notes mixed following a multipoint slide the previous session.

While volume in the name was light, Southwestern Energy Co.’s 5 3/8% senior notes due 2030 (Ba3/BB-/BB-) continued to climb higher on a strong day for energy.

Meanwhile, high-yield mutual and exchange-traded funds saw $1.05 billion enter the space through Wednesday’s close, according to the Refinitiv Lipper Fund Flow Report Newsline.

It was the first billion-plus inflow into the space in several months.

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