Park River sells high-yield bonds; Boyd gains; Oasis stabilizes; Penske flat; DT notes weaken

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 26 – New deal activity slowed on Wednesday.

Park River Holdings Inc. priced a $340 million issue of eight-year senior notes.

Conduent Business Services, LLC was expected to price a $750 million offering of eight-year senior secured notes; however, deal terms were unavailable at press time.

Meanwhile, the secondary space opened the day strong but lost steam as the session progressed – a product of its oversaturation with new paper, sources said.

While new paper has been met with healthy demand, “I don’t know how many more $5 billion days we can handle,” a source said.

The deals to price during the primary market’s deluge the previous session dominated the tape on Wednesday, although few issues saw significant price movement from Tuesday’s close.

Oasis Petroleum Inc.’s 6 3/8% senior notes due 2026 (B3/B+) stabilized on Wednesday after a volatile break that saw the notes move 2 points in about 15 minutes.

Boyd Gaming Corp.’s 4¾% senior notes due 2031 (Caa1/B) were nominally improved with the notes moving up from a par-handle.

Penske Automotive Group, Inc.’s 3¾% senior notes due 2029 (Ba3/BB-) fell largely flat.

DT Midstream’s two tranches of senior notes were losing steam during Wednesday’s session although they continue to trade with a premium to their issue prices.

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