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KLX prices; Western Digital drops; Transocean struggles again; United Rentals weak
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 26 – While the domestic high-yield primary market had been slated to price several deals during Friday’s session, only one cleared the market.
KLX Energy Services Holdings, Inc. priced a $250 million issue of seven-year senior secured notes (B3/B) at par to yield 11½%.
INTL FCStone Inc. was expected to price its $350 million offering and GEP Haynesville LLC its $600 million offering on Friday.
However, INTL FCStone carried its offering over to the Oct. 29 week and there was no news on GEP Haynesville’s deal after the market close.
While the forward calendar is light, it is not empty.
HC2 Holdings, Inc. and Vector Group Ltd. have offerings on tap that are expected to price during the Oct. 29 week.
Meanwhile, some of the deals that priced during the past week were struggling on Friday, which was another soft day for the secondary space, sources said.
Transocean Inc.’s newly priced 7¼% senior notes due 2025 (B3/B) were down 1¼ points with the notes now moving on a 98 handle.
United Rentals (North America) Inc.’s newly priced 6½% senior notes due 2026 (Ba3/BB) weakened on Friday, giving up some of Thursday’s gains.
Among established issues, Western Digital Corp.’s 4¾% senior notes due 2026 were down almost 2 points in high-volume activity after the company reported first-quarter earnings.
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