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Primary stays quiet, though TerraForm plans bonds; energy slides again; AMD off, Pinnacle pops
By Paul Deckelman
New York, July 7 – The high-yield primary market remained quiet on Tuesday, with no pricings seen on any of the issues currently sitting on the forward calendar and no opportunistically timed drive-by offerings – no surprise, given recent volatility in global financial markets stemming from the deteriorating situation in Greece as well as oil price gyrations.
One future new deal did emerge, as clean-energy company TerraForm Power Inc. unveiled plans to sell $300 million of new long-term bonds as part of the $2 billion financing for its acquisition of seven wind-power facilities from Invenergy Wind LLC.
Apart from the mostly quiet new-deal arena, traders said that for a second straight session, most of the market’s focus was on declining natural resources names – oil and gas, coal and iron ore.
As had been the case on Monday, names such as oilers California Resources Corp. and SandRidge Energy Inc., coal miner Peabody Energy Corp. and iron ore producer Fortescue Metals Group Ltd. were among the notable losers.
Away from the resource plays, Advanced Micro Devices Inc.’s bonds dropped – though on modest volume – and its shares slid after the computer-chip manufacturer warned investors that softer demand for personal computers would cause a bigger drop in revenues for the just-ended second quarter than the country originally forecast.
But Pinnacle Entertainment Inc.’s bonds firmed after the regional casino operator received a sweetened purchase offer for its properties from Gaming & Leisure Properties Inc., which Pinnacle said it would consider.
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