SunCoke, three other deals close out $4 billion week; Dynegy jumps on Vistra takeover buzz

By Paul Deckelman and Paul A. Harris

New York, May 19 – The high-yield primary market put on a big finish to the week on Friday, with syndicate sources seeing four deals get done, generating $1.31 billion of new paper.

The big deal of the day came from SunCoke Energy Partners, LP, a producer of metallurgical coke for the steel industry.

Its issue of eight-year notes, a regularly scheduled forward calendar offering, was downsized to $630 million.

The session’s other three pricings were all in the $200 million neighborhood – from broadband service provider Xplornet Communications, Inc., precious metals miner Coeur Mining, Inc. and energy operator Callon Petroleum Co.

The day’s four transactions brought the week’s total of new dollar-denominated and fully junk-rated issues up to just under $4 billion in nine tranches, according to data compiled by Prospect News.

In the secondary market, traders saw solid gains in the new Xplornet, SunCoke and Coeur Mining issues, with the latter actually generating some decent trading volume.

Away from the new deals, Dynegy Inc.’s bonds jumped in active trading on the news of a possible takeover bid from rival Texas electric power generation company Vistra Energy Corp. – the post-reorganization successor company to the old TXU Corp. and its various component companies.

Statistical market performance measures turned higher across the board on Friday after being mixed on Thursday and lower all around on Wednesday.

© 2015 Prospect News.
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