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Junk: Shelf Drilling, Mineral Resources price; Acushnet at premium; Worldpay below par
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 28 – Three issuers, each bringing a single tranche of junk-rated, dollar-denominated notes, raised an overall total of $2.71 billion during Thursday’s session in the primary market.
Executions ran the gamut, with one deal pricing at the wide end of talk, one in the middle and one at the tight end of talk.
The tight-pricing deal came from Australia-based Mineral Resources Ltd., which issued an upsized $1.1 billion amount (from $850 million) of five-year senior notes (Ba3//BB) at par to yield 9¼%.
Also in the market were Shelf Drilling, Ltd. with an upsized $1.095 billion issue of 9 5/8% 5.5-year senior secured notes (B3/B-/B), which priced at 98.184 to yield 10 1/8%, and AmeriTex Pipe & Products with $530 million of 10¼% five-year senior secured notes (B2/B), which priced at 99.035 to yield 10½%.
Meanwhile, it was a tug-of-war between buyers and sellers in the secondary space on Thursday with the market strong early in the session before being dragged lower as the session progressed.
Acushnet Holdings Corp.’s new 7 3/8% senior notes due 2028 (Ba3/BB) became the latest deal to trade to a premium in the secondary.
GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay saw some selling pressure with the notes giving back all gains since pricing and breaking below par.
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