Energizer on tap; PG&E decline continues; Targa unchanged; Xerox active; energy rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 15 – The primary high-yield market continued to show signs of a return on Tuesday with a forward calendar taking shape.

Energizer Holdings, Inc. announced late Tuesday plans to price a $600 million offering of eight-year senior unsecured notes.

Meanwhile, the secondary space was firm on Tuesday with equity markets buoyed by a strong day for tech and crude oil futures up more than 3%.

Energy names were again on the rise with California Resources Corp.’s 8% senior notes due 2022 and Chesapeake Energy Corp.’s 8% senior notes due 2025 posting gains.

New paper from Targa Resources Partners LP and Targa Resources Finance Corp. remained active in the secondary space although the notes were trading largely flat.

While the overall space was firm, Pacific Gas & Electric Co.’s senior notes continued their decline after the struggling utility company announced it would file for bankruptcy by the end of January.

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