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DirecTV, McLaren announce roadshows; Laredo Petroleum notes hit
By Cristal Cody and Paul A. Harris
Tupelo, Miss., July 19 – Investor concerns that the spreading Delta variant of the Covid-19 virus might disrupt global economic recovery sent stocks plummeting and generated some selling in high-yield bonds on Monday, sources said.
Although no deals priced, dealers braved the storm by making a pair of roadshow announcements.
DirecTV Entertainment Holdings LLC started a roadshow for a $3.1 billion offering of six-year senior secured notes (BB/BBB-), in the market with early guidance of 6% to 6½%.
British carmaker McLaren Automotive began a roadshow for a $620 million offering of five-year senior secured notes (Caa1/CCC+/B), with initial guidance in the low 8% area.
In the secondary, energy bonds sank along with oil on reports of production cuts ending and stocks faltering on rising Covid-19 variant cases.
Laredo Petroleum, Inc.’s new 7¾% senior notes due July 2029 (B3/B) priced in the previous week traded down about 8 points to 9 points from at 91 bid, 92 offered, an informed source said.
“That one got smoked,” the source said. “It sold off. The last print was 92.”
The notes were seen late afternoon down 4¼ points at 92¼ bid on over $23 million of trading supply, another source said.
The company sold $400 million of the bonds on Tuesday at par.
Crude oil prices sank more than 6% early in the session following OPEC’s announcement on Sunday that it will steadily end production cuts by September 2022.
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