Mercer on deck; California Resources down again; Altice, Intelsat gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 28 – While new deal activity in the domestic and European primary market remained muted on Wednesday there was some action.

In the European market, Algeco Global Finance plc priced €125 million of add-ons to both tranches of its senior secured notes due 2023 (existing ratings B2/B-/B+).

Cognita is on deck with a €255.3 million offering of eight-year senior notes, which could price on Thursday.

In the domestic market, Mercer International Inc. plans to price $350 million of senior notes due Jan. 15, 2025 (current ratings Ba3/BB-) on Thursday.

Meanwhile, the secondary space firmed on Wednesday with the market up more than ½ point, sources said.

The rally jumpstarted trading activity with higher volume on Wednesday than in previous sessions, a market source said.

However, the energy sector remained under pressure with crude oil futures again sliding.

California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were again the most actively traded issue in the secondary space with the notes dropping 1¼ points.

While crude oil futures continued their downward trend, several names posted gains on Wednesday.

Altice SA’s junk bonds remained in focus but reversed course with several issues that had previously traded down jumping more than 2 points.

Intelsat Jackson Holdings SA’s junk bonds also jumped 2 points in intraday trading, a market source said.

© 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.