Upsized Crown and Extraction plus Arby’s price; new issues busy; funds plunge $3 billion

By Paul Deckelman and Paul A. Harris

New York, Jan. 18 – A pair of upsized dollar-denominated offering led the way Thursday, as the high-yield primary market saw yet another busy session.

Packaging maker Crown Holdings Inc. priced an upsized $850 million of eight-year notes as part of a three-part offering coming off the forward calendar that also included two tranches of euro-denominated paper.

Energy oil and natural gas producer Extraction Oil & Gas, Inc. did a quickly shopped $750 million of eight-year notes.

And Arby’s Restaurant Group, Inc. also came to market with eight-year paper, a regularly scheduled $485 million deal.

Traders said all three of the day’s deals moved up when they hit the aftermarket, particularly Arby’s and Crown.

And there was continued brisk trading in Wednesday’s new-deal line-up, including RCN Grande and Noble Corp.

Statistical market performance measures were lower across the board for a second consecutive session on Thursday.

Another statistical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds – turned sharply negative this week for the first time in the New Year after two weeks on the plus side, according to numbers released on Thursday. Some $3.08 billion more left those weekly reporting-only domestic funds than came into them during the week ended Wednesday.

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