Moly-Cop, Alta Mesa, AdvancePierre price to close out $4.72 billion week; energy rise continues

By Paul Deckelman and Paul A. Harris

New York, Dec. 2 – The high-yield primary market saw a trio of new deals totaling $1.68 billion get done on Friday.

Grinding Media Inc. priced $775 million of seven-year secured notes backing the acquisition of mining consumables manufacturer Moly-Cop, the big deal of the day.

Oil and natural gas operator Alta Mesa Holdings, LP brought in an upsized $500 million of eight-year notes.

And ready-to-eat food products company AdvancePierre Foods Holdings, Inc. served up an upsized $400 million eight-year issue.

Traders saw all three of those deals quoted higher when they hit the aftermarket.

The three deals swelled this week’s new-issuance totals to $4.72 billion in 10 tranches, according to data compiled by Prospect News.

Away from the new issues, the energy sphere remained red hot as oil and natural gas names including EP Energy LLC, California Resources Corp. and Denbury Resources Inc. continued to ride the upside momentum of world crude oil prices, which firmed for a third straight session Friday on investor expectations that planned OPEC and non-OPEC output cuts will give prices a boost.

Intelsat SA’s bonds were gyrating around on Friday – the senior paper seen several points better but the junior paper down multiple points – after the communications satellite company disclosed in a regulatory filing that it had been in talks with some of its note holders on possible exchange offers for their existing bonds – which never came to fruition.

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