European deals price; Bruin, Comstock on tap; Altice gains more; funds lose $260 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 19 – The European primary market was active on Thursday with two new deals pricing.

ContourGlobal Power Holdings SA priced an upsized €750 million amount of senior secured notes (BB/BB) in two tranches.

Techem Energy Metering Service GmbH priced a €465 million issue of eight-year senior notes (Caa1/B-/CCC+) at par to yield 6%.

Meanwhile, Bruin E&P Partners LLC is expected to price a $600 million offering of eight-year senior notes (B3/B+) on Friday.

Comstock Resources, Inc. may also price its $850 million offering of eight-year senior notes (Caa1/B/B) on Friday. However, the deal is experiencing pushback and may carry over to the July 23 week.

The secondary space was also quiet on Thursday with the market largely flat and most names trading sideways, a market source said.

Altice France SA’s 8 1/8% senior notes due Feb. 1, 2027 (B1/B) continued to dominate trading with the new notes gaining further in high-volume activity.

High-yield mutual funds and exchange-traded funds were back in the red as $260 million of cash left the funds during the weekend ended July 18, according to fund-flow statistics generated by AMG Data Services Inc.

The outflow came after a substantial $1.852 billion gain the previous week which had in turn followed a $1.729 billion outflow during the week ended July 4.

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