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Junk: Baytex launches roadshow for Ranger buyout; Knife River adds; Cleveland-Cliffs lags
By Abigail W. Adams
Portland, Me., April 12 – The domestic high-yield bond primary market remained active on Wednesday, following the flood of issuance during Tuesday’s session, with one deal joining the forward calendar.
Baytex Energy Corp. will start a roadshow on Thursday for a $750 million offering of seven-year, no-call-three senior notes (expected B1/BB-/BB-) backing the buyout of Ranger Oil Corp, according to a market source.
The secondary space had a strong start in the morning with the market adding ¼ to ½ point after the release of the Consumer Price Index report print, a source said.
However, the market gave back much of those gains following the release of the Federal Open Market Committee’s March meeting minute notes.
While the market leaked into the close, three out of the four deals to price during Tuesday’s session were trading at premiums to their issue prices.
Knife River Holding Co.’s 7¼% senior notes due 2031 (Ba3/BB) and Macquarie AirFinance Holdings Ltd.’s 8 3/8% senior notes due 2028 (/BB+/BB) were the outperformers of Tuesday’s deals with the notes adding more than 1 point in the aftermarket.
Churchill Downs Inc.’s 6¾% senior notes due 2031 (B1/B+) made nominal gains.
However, Cleveland-Cliffs Inc.’s 6¾% senior guaranteed notes due 2030 (Ba3/BB-/BB-) were the laggards of the recent deals with the notes falling to a 99-handle in heavy volume.
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