Werner prices to cap $3.27 billion week, j2 holds gains, energy better as oil recovers

By Paul Deckelman and Paul A. Harris

New York, June 23 – The high-yield primary arena closed out a second consecutive modestly active week on Friday with one dollar-denominated and fully junk-rated pricing, as ladder and scaffolding manufacturer Werner Co. came to market with a $265 million offering of eight-year notes.

Traders said that new paper posted solid gains in active trading when it hit the aftermarket later in Friday’s session.

They also saw continued brisk trading in the new j2 Cloud Services, LLC eight-year issue which priced on Thursday. Those bonds – which had firmed smartly in their initial aftermarket dealings – were seen continuing to trade at a solid premium over par

The new Werner deal brought the week’s issuance of dollar denominated junk bonds up to $3.27 billion in six tranches, according to data compiled by Prospect News, a little bit higher than the total seen the week before.

Away from the new deals, energy issues such as California Resources Corp., MEG Energy Corp. and EP Energy Corp. were seen at better levels aided by a second straight session of rebounding crude oil prices.

Statistical market performance measures were higher across the board on Friday after being mixed on Thursday and lower all around for the two sessions before that.

© 2015 Prospect News.
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