No dollar-denominated, junk deals price, but five hit the road; market generally better

By Paul Deckelman and Paul A. Harris

New York, July 11 – The high yield market opened the new week on Monday with no dollar-denominated, junk-rated deals seen having priced – but syndicate sources said that a quintet of such deals had begun roadshows, with all of them expected to get done sometime this week.

The soonest could be the $250 million of five-year secured notes that International Wire Group, Inc., a maker of electrical wire products, is doing; that deal, marketed to investors via a conference call, could come to market as early as Tuesday.

Other deals that were introduced on Monday are expected to price later in the week.

The biggest would be from energy concern Extraction Oil & Gas Holdings, LLC, which is shopping $500 million of five-year paper to potential investors.

Two issuers based in Pittsburgh have deals in the market – heavy equipment rental company Cloud Crane, with $470 million of eight-year secured notes, and casino operator Rivers Pittsburgh, looking to sell $415 million of five-year secured notes.

Intermodal freight company US Express Enterprises Inc. plans $320 million shipment of eight-year notes by the week’s end.

Primaryside players reported one Monday pricing, out of Europe, as Italian construction and civil engineering company Salini Impreglio SpA did a €171.7 million add-on to its existing 2021 notes.

Back in the domestic market, there was a split-rated crossover deal priced by energy operator EnLink Midstream Partners, LP, which did an upsized $500 million of 10-year notes. Those notes saw considerable aftermarket activity.

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