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Altice France, Magnolia set to price; California Resources, Petrobras decline; Intelsat mixed
By James McCandless and Paul A Harris
San Antonio, July 16 – The high-yield primary market is expected to heat up on Tuesday, with at least two deals stated to price, while the secondary market began the week holding the volume experienced last week.
Altice France SA talked its $1.25 billion tranche of 8.5-year senior secured notes (expected ratings B1/B) to yield in the 8¼% area. Books close at 10 a.m. ET Tuesday, and pricing is to follow.
Magnolia Oil & Gas is set to price a $400 million offering of eight-year senior notes (B3/BB-/BB-) Tuesday.
The deal, which kicked off late last week, was talked to yield in the 6% area on Monday.
In the secondary market, a trader remarked Monday that “Today was pretty good in terms of volume but there was very little happening with the ETFs.”
California Resources Corp.’s 8% senior notes due 2022 slid against a mixed day for oil futures.
Petrobras Global Finance BV’s 5.75% notes due 2029 followed suit, declining Monday.
Intelsat SA notes were mixed, after the company has seen improvements recently after a favorable action by the Federal Communications Commission.
Tesla Inc.’s 5.3% senior notes due 2025 held at Friday’s levels despite recent headlines concerning chief executive officer Elon Musk.
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