Rain Carbon, Kraton, High Ridge, GasLog close out $7.8 billion week; new High Ridge gains

By Paul Deckelman and Paul A. Harris

New York, March 17– The junk bond market saw a quartet of new deals price on Friday to close out a week that was fairly busy.

All of the day’s new issues were regularly scheduled transactions that priced off the forward calendar.

A pair of chemical companies were among the issuers, as Rain Carbon Inc. priced a downsized and restructured $550 million of eight-year secured notes while Kraton Corp. brought a $400 million eight-year deal to market via a pair of financing subsidiaries.

High Ridge Brands Co., a maker of personal-care products, did $250 million of eight-year notes and GasLogLtd., a Monaco-based operator of liquefied natural gas carriers, also priced $250 million of new paper, in the form of a five-year issue.

Collectively, the deals were worth $1.45 billion.

That was well down from the $4 billion that got done in seven tranches brought by six issuers on Thursday, which accounted for the vast bulk of the week’s nearly $7.8 billion of new dollar-denominated, junk-rated securities.

In the secondary market, traders saw fairly active volume at higher levels for the new Kraton bonds and saw particularly strong gains, though on not a lot of volume, in the High Ridge deal.

Statistical market performance measures turned mixed on Friday, their second mixed performance in the last three trading days.

© 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.