Junk firm as week ends; Linn rises on asset sales; RadioShack refinances; Metaldyne plans deal

By Paul A. Harris and Stephanie N. Rotondo

Portland, Ore., Oct. 3 – The secondary high-yield market was “all the same story, all up” in Friday trading, according to a trader.

Another trader said that the “market is green” as new employment data indicated a strengthening economy.

The latest Labor Department report showed 248,000 non-farm jobs being added in September, pushing unemployment down to 5.9%, the first time the marker has hit below 6% since 2008.

While the market was enjoying the positive tone, some names were also boosted by fresh news.

Linn Energy LLC announced a couple assets sales on Friday, which pushed its debt up. RadioShack Corp. was meantime “up smartly,” in the words of one trader, after it was reported late Thursday that the company had secured new financing from Standard General LP, its largest shareholder.

But even with the market’s firmer feel, the coal sector failed to gain any traction.

“Coal is definitely still better for sale,” a trader said, even Walter Energy Inc., which had risen on Thursday on rumors it was being targeted by BHP Billiton and Rio Tinto.

Metaldyne starts Monday

No deals priced during a quiet Friday session in the primary market which generated just one news nugget.

Metaldyne Performance Group Inc. plans to start a roadshow on Monday for a $700 million offering of eight-year senior notes (B3/B+).

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