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Chesapeake Energy, Basic Energy price; Altra on tap; Tallgrass hovers at par; Refinitiv active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 25 – The domestic primary market continued to churn out new deals on Tuesday with two issues pricing, including one that had been postponed in the spring.
Chesapeake Energy Corp. priced $1.25 billion of senior notes (Caa1/B-) in two drive-by tranches.
In a deal initially marketed in March, Basic Energy Services, Inc. priced a $300 million issue of 10¾% five-year senior secured notes (B3/B) at 99.042 to yield 11%.
The notes were well above their issue price in secondary trading.
Altra Industrial Motion Corp. set price talk for its $400 million offering of eight-year senior notes with the deal expected to price on Wednesday.
The European primary market’s forward calendar also continued to grow with Avis Budget Finance plc planning a roadshow for a €350 million offering of senior notes due January 2026 (expected B1/confirmed BB).
Meanwhile, the secondary space was heavier on Tuesday with the market in general down about ¼ point.
While another strong day for oil and gas, Tallgrass Energy Partners, LP and Tallgrass Energy Finance Corp.’s newly priced 4¾% senior notes due 2023 (Ba3/BB+/BBB-) continued to hover around par in active trading.
Refinitiv’s dollar-denominated tranches were back in the spotlight as major volume movers during Tuesday’s session with the notes continuing to lose ground as the notes’ settlement date approaches.
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