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Upsized American Energy and Light Tower deals price, firm up; Rockwood rise continues
By Paul Deckelman and Paul A. Harris
New York, July 16 – The high-yield market saw nearly $2 billion of new junk paper pricing during Wednesday’s session, with most of it coming from one giant-sized deal.
American Energy-Permian Basin, LLC – an affiliate of former Chesapeake Energy Corp. chief executive officer Aubrey McClendon’s new American Energy Partners, LP start-up – brought to market an upsized $1.6 billion three-part issue consisting of fixed- and floating-rate notes. Traders quoted all of the tranches firmer in the aftermarket.
The day also saw oilfield equipment and services provider Light Tower Rentals, Inc. price an upsized $330 million five-year secured offering; that paper, too, showed strength when it was freed to trade.
There was some fairly active trading in Tuesday’s deal from Triangle USA Petroleum Corp., with those new eight-year notes retreating from the highs they hit in initial aftermarket activity.
That was likewise the case with Friday’s 10-year offering from Paragon Offshore Ltd.
Away from the new and recent deals, Rockwood Specialties Group Inc.’s bonds continued to firm – though on considerably less volume than recorded during Tuesday’s session – in response to the news that the specialty chemicals maker has agreed to be acquired.
Statistical indicators of market performance turned mixed on Wednesday after having been seen lower across the board Tuesday.
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