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Earthstone prices in HY; Fortescue active; Holly Energy, Burford at premiums; Rite Aid dives
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 7 – Following a sizable burst of new issue business on Tuesday and Wednesday, the high-yield primary market saw just one deal clear the market on Thursday.
In a heavily oversubscribed offering, Earthstone Energy Holdings, LLC priced a $550 million issue of 8% five-year senior notes (B3/B+/B+).
Meanwhile, the secondary space stabilized on Thursday with the cash bond market largely unchanged after a two-day sell-off drove it down by about 1 point.
In recent deals, Fortescue Metals Group Ltd.’s two tranches (Ba1/BB+) were mixed in the secondary with the higher-yielding, longer duration tranche outperforming its lower coupon, shorter duration counterpart.
Burford Capital Global Finance LLC’s 6 7/8% senior notes due 2030 (Ba2/BB-) continued to trade at a healthy premium to their discounted issue price.
Holly Energy Partners, LP and Holly Energy Finance Corp.’s 6 3/8% senior notes due 2027 (Ba3/BB+/BB+) outperformed with the relatively cheap pricing and short duration of the notes combined with the interest in the sector driving their aftermarket performance.
Outside of recent issues, Rite Aid Corp.’s junk bonds were the largest losers in the space with the pharmacy retailer’s capital structure off more than 4 points after an analyst report raised alarm bells about the company’s future.
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