NCR prices; Clear Channel on tap; Frontier plunges; sell-off in oil patch continues

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 7 – Although market volatility has muted new issue activity, the primary market continued to generate news on Wednesday with one deal pricing and one more joining the forward calendar.

NCR Corp. priced $1 billion of senior notes (B2/BB) in two tranches.

Clear Channel Outdoor Holdings, Inc. disclosed plans to price $1.26 billion of eight-year senior secured notes (expected ratings Caa2/B-) before the end of the week.

Clear Channel joins NCR Corp. and US Farathane, LLC on the active forward calendar.

Official talk circulated on NCR’s $1 billion two-part offering of senior notes (B2/BB) with pricing expected on Thursday.

US Farathane is expected to price on Friday.

In the European primary market, Zurich-based Swissport Financial SARL is marketing a €780 million two-tranche offering via a roadshow which is scheduled to wrap up on Thursday.

Meanwhile, the secondary space was again soft on Wednesday with a risk off attitude pervading the market, sources said.

Focus was on the deluge of earnings reports coming in from high-yield issuers.

Frontier Communications Corp.’s junk bonds plunged in high-volume activity after the struggling telecom reported second quarter earnings.

Oil and gas names continued their downward momentum with crude oil futures extending their rout to another session.

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