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Crestwood Midstream prices; Staples improves; PG&E gains; funds add $655 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 11 – The domestic high-yield primary market returned to action on Thursday with one deal pricing and one more joining the forward calendar after a lull in activity during the previous session.
Crestwood Midstream Partners LP priced an upsized $600 million issue of eight-year senior notes (B1/BB-) at par to yield 5 5/8% in a Thursday drive-by.
Natural Resource Partners LP announced plans to start a roadshow on Monday for a $275 million offering of six-year senior notes.
Mineral Resources Ltd. is expected to price its $750 million offering of eight-year senior notes (Ba3/B+) on Friday.
In the secondary space, Staples Inc.’s 7½% senior secured notes due April 15, 2026 (B1/B+) and 10¾% senior unsecured notes due April 15, 2027 (B3/B-) were improved in high-volume activity on Thursday.
Pacific Gas & Electric Co.’s senior notes were also gaining steam on Thursday after California’s governor proposed the creation of a statewide insurance fund for utilities.
Meanwhile, fund flows marked their fifth consecutive week of inflows.
High-yield mutual funds and exchange-traded funds saw inflows of $655 million for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.
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