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Ashtead, J.C. Penny price; investors await California Resources; Gymboree dives on numbers
By Paul Deckelman and Paul A. Harris
New York, Sept. 10 – The high-yield primary market stepped up its pace a little on Wednesday, with syndicate sources seeing some $900 million of new U.S. dollar-denominated and fully junk-rated paper having priced in two tranches, up from Tuesday’s $649 million and Monday’s $450 million.
British equipment rental company Ashtead Group brought a quickly shopped and upsized $500 million of 10-year secured notes to market.
Retailer J.C. Penney Co., Inc. meanwhile rang up an upsized $400 million of five-year notes, which priced as a regularly scheduled forward calendar offering. Early aftermarket gains in the new bonds quickly faded, traders said.
Two other domestic borrowers were also tapping the junk market on Wednesday, although – relatively uncommon for U.S.-based companies – Boston-based document and records storage company Iron Mountain Inc.’s deal, brought through a European subsidiary, was denominated in sterling, while Dallas-based chemical company Celanese US Holdings LLC’s transaction was denominated in euros.
Back in the dollar-denominated market, participants awaited Los Angeles-based energy operator California Resources Corp.’s $5 billion three-part offering, with the giant-sized deal expected to price Thursday afternoon.
Away from the primary sphere, Gymboree Corp.’s bonds nosedived in heavy trading after the underperforming children’s apparel retailer reported poor fiscal second-quarter numbers.
Statistical indicators of junk market performance turned mixed on Wednesday after having been lower across the board on Tuesday.
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