Rose Rock, HRG, Cascades drive by, calendar builds; recent deals trade; Rosetta up on Noble news

By Paul A. Harris and Paul Deckelman

New York, May 11 – The high-yield market began the new week on Monday on a busy note, with three deals collectively worth about $900 million having priced, all of them opportunistically timed and quickly-shopped drive-by transactions.

Rose Rock Midstream, LP, an energy limited partnership company, brought an upsized 8.5-year note issue to market.

Diversified holding company HRG Group, Inc. priced a pair of add-ons to its existing secured 2019 bonds and its unsecured 2022 paper, totaling $300 million.

And Cascades, Inc., a Canadian paper, packaging and recycling company, did a $250 million issue of eight-year notes.

At the same time, syndicate sources said the forward calendar was growing.

Traders did not see any significant immediate aftermarket activity in the day’s new deals.

However, they did see considerable turnover in recently priced deals, including Friday’s offering from Sterigenics-Nordion Holdings LLC, as well as Thursday’s issues from A. Schulman Inc. and Range Resources Corp., and Wednesday’s transactions from HCA Inc. and Constellis Holdings LLC.

Away from the new deals, Rosetta Resources Inc.’s bonds shot up on the news the energy company is to be acquired by investment grade-rated Noble Energy, Inc. in a deal valued at $3.9 billion, including debt assumption.

Statistical market performance indicators turned mixed on Monday after having been higher across the board on Friday and lower all around for three consecutive sessions before that.

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