Kratos, upsized B&G drive-by price; overall market weak; Windstream slide continues

By Paul Deckelman and Paul A. Harris

New York, Nov. 8 – The-high yield primary sphere punched out a pair of new deals totaling some $700 million of dollar-denominated and fully junk-rated paper, syndicate sources said Wednesday, in contrast to Tuesday’s complete shutout.

B&G Foods, Inc. – producer of such iconic consumer food brands as Green Giant, Cream of Wheat, French’s mustard, Old London snacks and its own eponymous line of pickles – served up a quickly shopped and upsized $400 million add-add on to its existing 2025 notes.

Pentagon contractor Kratos Defense & Security Solutions, Inc. brought a regularly scheduled $300 million eight-year secured issue to market.

The latter issue was among the most actively traded credits of the day in Junkbondland, firming smartly in initial aftermarket action following its pricing.

The new Kratos paper was one of the few high-yield issues seen on the upside on Wednesday with most names lower, including Monday’s offering from Windstream Holdings Inc., which has struggled since its pricing.

Away from the new deals, a second straight session of lower crude oil prices finally caught up with previously strong energy-related names such as California Resources Corp., Denbury Resources Inc. and undersea oil and natural gas driller Transocean Inc.

Telecommunications names such as Frontier Communications Corp. and CenturyLink, Inc. were off – CenturyLink after having posted lower third-quarter earnings Wednesday and Frontier continuing its recent slide on disappointing results.

© 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.