Reynolds brings drive-by add-on; recent issues stay firm; energy credits lower

By Paul Deckelman and Paul A. Harris

New York, July 18 – The high yield primary market saw one new deal come to market on Monday, as consumer food packaging maker Reynolds Group Holdings Ltd. did a quickly shopped $250 million add-on to its existing eight-year secured notes that the company sold last month.

Traders quoted the new notes in a range around their issue price.

There were no other developments Monday in the domestic primary market, although there was news coming out of the European wing of the primary market, involving prospective issuers Lecta SA, Gamenet Group SpA and United Group BV.

Back in the domestic market some of the recently priced new deals remained active and continued to trade well, including those from heavy-equipment rental company Cloud Crane, LLC, from motor oil manufacturer and marketer Valvoline Inc. and from television station ownership company Nexstar Broadcasting Group Inc.

Away from the new issues, traders saw quiet dealings on what one of them called “a typical summer Monday.”

A number of oil and natural gas names, such as Chesapeake Energy Corp., Continental Resources, Inc. and Freeport-McMoRan Inc. were lower, in line with easier world crude oil prices.

Statistical market performance measures turned firmer on Monday, after having been lower across board on Friday and mixed on Thursday. Including five consecutive gains in the past two weeks, it was their sixth higher finish in the last nine sessions.

© 2015 Prospect News.
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