Genesis, Rayonier price $1.25 billion; Blue Racer, Virtusa soar; Occidental gains continue

By Paul A. Harris and Abigail W. Adams

Portland, Ore., Dec. 10 – Another $1.25 billion cleared the primary market in the form of two oversubscribed dollar-denominated deals that saw formidable executions on Thursday.

Genesis Energy, LP and Rayonier A.M. Products Inc. brought one tranche each to junk bond investors.

Meanwhile, the secondary space continued to see some softness on Thursday as investors rotated out of some weaker credits.

While the overall market was showing signs of softness after grinding to its tightest levels since February the previous week, new paper remained in demand with several recent deals trading several points above their issue prices.

Blue Racer Midstream, LLC/Blue Racer Finance Corp.’s 7 5/8% senior notes due 2025 (B2/B/B+) and Virtusa Corp.’s 7 1/8% senior notes due 2028 gained 3 to 4 points in the aftermarket.

Occidental Petroleum Corp.’s two-tranches of senior notes (Ba2/BB-/BB) continued to gain in active trading as WTI crude oil futures surged on Thursday.

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