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Ensign Drilling, Forestar price; Staples eyed; Enlink, NGL trade up; Rackspace gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 5 – The domestic high-yield primary market rounded out an active week with $1.05 billion pricing over two deals.
Ensign Drilling Inc. priced a $700 million issue of five-year senior notes (B2/BB-) at par to yield 9¼% on Friday.
Forestar Group Inc. priced an upsized $350 million issue of five-year senior notes (B2/B) at par to yield 8%.
However, all eyes are on the week ahead when Staples Inc. is expected to price its $2.13 billion two-tranche senior notes offering.
Meanwhile, the secondary space closed out the week on firm footing with the tone of the market good following the release of positive economic data on Friday, a market source said.
Focus remained on the new deals with EnLink Midstream, LLC’s new 5 3/8% senior notes due 2029 (Ba1/BB+/BBB-) and NGL Energy Partners LP’s new 7½% senior notes due 2026 (B2/B+/B) seen as major volume movers.
Outside of the new paper, Rackspace Hosting Inc.’s 8 5/8% senior notes due 2024 jumped in active trading on Friday.
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