Rayonier postpones junk deal; Norwegian flat; Nine Energy skyrockets; Transocean rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 20 – The European high-yield primary bond market was active on Friday, where three issuers raised a combined total of €1.275 billion.

The only news in the dollar-denominated market came in the form of a deal postponement.

Rayonier Advanced Materials Inc. (RYAM) withdrew its $325 million offering of five-year senior secured notes (B3/B) asserting that current conditions in the market were not sufficiently attractive (see related stories in this issue).

Meanwhile, the secondary space closed the week on firm footing with the cash bond market paring its losses from the previous session to add ¼ point, a source said.

The deals to price during Thursday’s session followed different trajectories in the aftermarket with Nine Energy Service, Inc.’s 13% senior notes due 2028 (Caa2/CCC) skyrocketing on Friday while Norwegian Cruise Line’s 8 3/8% senior secured notes due 2028 (B1/BB-) fell flat.

Transocean Inc.’s most recently priced 8¾% senior secured notes due 2030 (B2/B-) reclaimed their previous level in active trading on Friday.

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