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New Enterprise, Forterra price; thyssenkrupp, Winnebago trade up; Occidental gains continue
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 1 – The U.S. high-yield primary market was slow on Wednesday, slowing down since the start of the week, sources said.
The biggest of Wednesday's pair of deals, while dollar-denominated, came from a Britain-based company.
Forterra plc priced an upsized $500 million issue of five-year senior secured notes (B3/B-).
New Enterprise Stone & Lime Co., Inc. became possibly the last U.S.-based company to do a deal before the holiday weekend with its $200 million issue of eight-year senior notes (Caa1/CCC+).
While the domestic high-yield market was quiet, the European market was active.
Algeco Global Finance plc and B&M European Value Retail SA joined Titan Cement International SA and RENK AG on the forward calendar with euro- and sterling-denominated offerings.
Meanwhile, the secondary space was equally quiet with many already checked out ahead of Thursday’s early close.
The dollar-denominated notes of Germany-based thyssenkrupp Elevator were putting in a strong performance in the secondary space.
Winnebago Industries, Inc.’s 6¼% senior notes due 2028 (B2/BB) were also trading with a large premium.
Occidental Petroleum Corp.’s three tranches of senior notes (Ba2/BB+/BB) continued to gain in active trading.
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