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CyrusOne prices; Harland Clarke busy but unchanged; Frontier, Community Health, Tesla fall
By Paul Deckelman
New York, Nov. 1 – November got underway in Junkbondland on Wednesday with just one new issue heard to have come to market, as Cyrus One Inc. priced a two-part $400 million offering of add-on notes, augmenting the seven- and 10-year notes that the Dallas-based data centers-oriented REIT priced back in March.
Traders did not immediately report any initial aftermarket activity following the quick-to-market deal’s pricing.
Primaryside players meantime said that Billerica, Mass.-based specialty chemicals company Entegris Inc. will shop a $450 million 8.25-year deal around to investors on Thursday, with pricing on the issue seen possibly later that session or perhaps on Friday.
And Michael Baker International LLC, a Pittsburgh-based engineering firm, was heard to be planning a secured notes offering – once it completes a loan deal currently in the bank debt market.
In the secondary realm, traders saw continued brisk activity – but little real price movement – in Tuesday’s new add-on offering from Harland Clarke Holdings Corp.
But much of the market’s focus swung over to companies that reported earnings, producing sizable losses for the bonds of such varied companies as telecom provider Frontier Communications Corp., hospital operator Community Health Systems Inc. and electric car manufacturer Tesla Inc., all of whom reported disappointing quarterly numbers.
On the upside, energy credits such as California Resources Corp. and Denbury Resources Inc. firmed smartly – even though world crude oil prices finished on the downside Wednesday after recently surging.
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