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Silence on Starwood; Denbury improves; CIT at par; J.C. Penney under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 16 – After a burst of activity in the domestic primary market earlier in the week, one deal remains on the active forward calendar.
Starwood Property Trust, Inc. is still in the market with its $300 million offering of five-year senior bullet notes (Ba3/BB).
The deal was expected to price on Wednesday but there was again radio silence on the deal’s status on Thursday.
Meanwhile, the secondary space firmed on Thursday as equities rebounded and the barrel price of West Texas intermediate crude oil for September delivery improved slightly.
However, J.C. Penney Co., Inc.’s junk bonds were under pressure after the company reported a large earnings miss and slashed its forward guidance.
Denbury Resources Inc. 7½% senior secured second-lien notes due Feb. 15, 2024 (B3/B+) remained active and were seen slightly improved on Thursday after lagging their issue price in high-volume trading Wednesday.
CIT Group Inc.’s newly priced 4¾% senior notes due Feb. 15, 2024 were wrapped around par on Thursday after also at times lagging their issue price on Wednesday.
Diamondback Energy, Inc.’s junk bonds were mixed in scattered trading after the company announced it will acquire Energen Corp. in an all-stock deal valued at about $9.2 billion.
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