TerraForm, Gran Tierra price; junk off as stocks fall; funds down $2.74 billion

Paul Deckelman and Paul A. Harris

New York, Feb. 8– A renewal of Wall Street’s stock market carnage saw high yield move mostly lower on Thursday.

But that did not keep the primaryside from churning out a pair of energy sector new issues, coming off the forward calendar.

TerraForm Global, Inc., an owner and operator of renewable energy projects such as solar and wind power, priced $400 million of eight-year notes at par.

Meanwhile, Gran Tierra Energy International Holdings, Ltd., a Canadian energy company operating in Colombia, did $300 million of seven-year notes.

Traders said both of those new issues stayed around their pricing levels in thin aftermarket dealings.

Existing energy sector names such as California Resources Corp., Chesapeake Energy Corp. and Noble Holding International Ltd. were seen down multiple points amid both the overall junk market retreat and a continued fall in oil prices.

Statistical market performance measures turned lower across the board on Thursday after being mixed for two sessions before that, their fourth downturn in the last six trading days.

Another numerical indicator – flows of investor cash into or out of high yield mutual funds and exchange-traded funds – remained in negative territory for a fourth straight week, as $2.74 billion more left those weekly-reporting-only domestic funds in the form of investor redemptions than came into them during the week ended Wednesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.