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Range Resources, Studio City price; Equitrans in focus; Icahn improves; Apache volatile
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan 5 – The domestic high-yield primary market saw one straight junk bond and one cross-over trade clear the market during Tuesday’s session.
In a heavily oversubscribed offering, Range Resources Corp. priced an upsized $600 million issue of eight-year senior notes (B2).
Macau-based Studio City International Holdings Ltd. priced a $750 million issue of eight-year senior notes (B1/BB-) in an offering that played to both emerging-markets and high-yield accounts.
The primary market is expected to remain active heading into the latter part of the week.
Meanwhile, the secondary space was largely unchanged on Tuesday after a soft start to the New Year.
New deals jumpstarted activity in the secondary space with trading volume picking up.
Equitrans Midstream Corp.’s newly priced tranches of senior notes (Ba3/BB-/BB) were in focus with the notes gaining strength into the close alongside the broader market.
Icahn Enterprises LP’s 4 3/8% senior notes due 2029 (Ba3/BB) were also improved in actively trading.
Outside of recent issues, Apache Corp.’s 4¾% senior notes due 2043 were volatile following news the energy company would transition to a holding company structure.
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