Endeavor, Century Communities drive by, new Endeavor firms; energy rises with oil prices

By Paul A. Harris and Paul Deckelman

New York, April 6 – The high-yield market got back to work on Monday after last week’s holiday-related hiatus, but traders said that volumes were light, with some desk not fully staffed yet.

The primary arena saw two opportunistically timed and quickly shopped offerings come to market.

Oil and natural gas company Endeavor Energy Resources LP, along with a financing subsidiary, priced $300 million of 8.5-year notes, which were seen having firmed smartly when they were freed for aftermarket dealings.

Homebuilder Century Communities, Inc. did an upsized $60 million add-on to its existing 2022 notes.

The forward calendar built during the session, with new offerings expected soon from pharmaceuticals manufacturers Mallinckrodt plc and Concordia Healthcare Corp., energy operator Matador Resources Co. and industrial battery maker EnerSys.

Among recently priced issues, traders saw upside movement in last week’s offerings from Hexion Inc., Interval Leisure Group and McGraw-Hill Global Educational Intermediate Holdings, LLC, while Radio One, Inc. held steady at the higher levels at which it traded after pricing.

Away from the new deals, sharply higher crude oil prices pushed up such names as Energy XXI Ltd., Chesapeake Energy Corp., Linn Energy, LLC and Whiting Petroleum Corp.

Statistical indicators of market performance were higher across the board.

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