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EnerSys prices; Global Partners adds; Callon skyrockets on buyout; First Quantum gains continue
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 4 – EnerSys priced a $300 million issue of eight-year senior notes (Ba3/BB+) at par to yield 6 5/8% on Thursday morning, at the tight end of talk.
Demand for the paper was heard to be in excess of $600 million late Wednesday afternoon.
As the dollar-denominated primary market’s sole Thursday deal, it cleared the active forward calendar.
Meanwhile, the selling pressure of the previous two session subsided with the cash bond market either side of unchanged.
There was an uptick of activity as new paper made its way into the secondary market and topical news sparked large price and volume movements in outstanding issues.
Global Partners LP and co-issuer GLP Finance Corp.’s new 8¼% senior notes due 2032 (B2/B+) continued to add to the strong gains made on the break.
Callon Petroleum Corp.’s senior notes (B2/BB-) rocketed higher after Apache Corp. announced its acquisition of the company with the notes to be taken out in the transaction.
First Quantum Minerals Ltd.’s senior notes (B) continued to move higher after the strong gains of the previous session as market players eye a potential buyout of the company.
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