Morning Commentary: Callon to sell $300 million notes in drive-by; Marine Harvest prices

By Abigail W. Adams

Portland, Me., May 31 – Opportunistic issuers waiting for improved market conditions came forward on Thursday.

Callon Petroleum Co. plans to price $300 million of eight-year senior notes (B3/B+) in a drive-by offering on Thursday, according to a market source.

The deal is being marketed via an investor call that was scheduled for 11 a.m. ET.

J.P. Morgan Securities LLC is left lead on the Rule 144A and Regulation S deal. BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Capital One, Scotia Capital Inc. and RBC Capital Markets LLC are also bookrunners.

With markets settling despite continued political uncertainty in Italy, the European primary market also launched back into action.

Marine Harvest ASA priced €200 million of five-year senior bonds on Thursday with a coupon of Euribor plus 215 basis points, according to a company news release.

DNB Markets, Nordea, ABN Amro, Danske Bank, Rabobank and SEB are joint bookrunners for the offering.

Marine Harvest said the deal was “substantially oversubscribed.”

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