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CGG, Aurum price; Poindexter, recent deals trade up; McDermott lower; inflows positive
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 13 – The high-yield primary market rounded out the week with the pricing of a $650 million equivalent dual currency offering and a £265 million offering.
CGG Holding (US) Inc. priced $650 million equivalent of five-year senior secured notes (B2/B) in two tranches on Friday. The dollar-denominated notes were active in the secondary market and traded up 3 points, market sources said.
Aurum Holdings Ltd. priced a £265 million issue of five-year senior secured notes (B2/B-) at par to yield 8½% on Friday.
As new paper from CGG entered the secondary market, the deals that priced over the past week continued to trade strongly.
J.B. Poindexter & Co., Inc.’s newly priced 7 1/8% senior notes due 2026 (expected B2/confirmed BB-) were seen well above their issue price in active trading.
New paper from Drax Group Co. and TopBuild Corp. also continued to trade up, although trading volume was lighter than on Thursday, sources said.
McDermott International Inc.’s recently priced 10 5/8% senior notes due May 2024 (B2/B-) were down in active trading on Friday after reaching new heights and breaking par during Thursday’s session, despite pricing with a deep discount.
Meanwhile fund flows have been better in recent sessions and Thursday saw a notable surge into exchange-traded funds.
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