Sunshine Oilsands deal opens week as market tries to rebound; American Eagle Energy on tap

By Paul Deckelman and Paul A. Harris

New York, Aug. 4 – The high-yield market opened the first full trading week in August on a relatively quiet note as one deal priced. Canadian energy operator Sunshine Oilsands Ltd. brought a downsized and heavily restructured three-year secured notes deal to market late in the session.

Elsewhere in the new-deal arena, American Eagle Energy Corp. unveiled plans for a $175 million five-year secured notes deal.

Traders meantime said the secondary market – battered towards the end of last week – was trying to mount a comeback on Monday, which included better levels on some of the recently priced offerings, including William Lyons Homes, Inc., NRG Yield, Inc., Consol Energy Inc. This applied even to the beat-up billion-dollar deal from Level 3 Communications, Inc., which had taken its lumps over the course of several sessions after pricing last Tuesday.

Away from the new deals, active names included Caesars Entertainment Corp., Tenet Healthcare Corp. and Sprint Corp.

Statistical market performance indicators were mixed on Monday for the first time after six consecutive sessions on the downside.

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