Laredo Petroleum, CVR Energy price; Range Resources, Genesis Energy lag; Tegna improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 10 – The domestic high-yield primary market capped an active week with two issuers pricing $2 billion in four tranches.

CVR Energy, Inc. priced a downsized $1 billion (B1/BB-/BB-) and Laredo Petroleum, Inc. priced an upsized $1 billion amount of senior notes (B3/B+).

The forward calendar is thin heading into the Jan. 13 week with Presidio Holdings Inc.’s $800 million two-tranche offering the sole deal in the market.

Meanwhile, the secondary space was largely flat on Friday with the market shrugging of the headlines about increasing geopolitical tensions.

While the majority of paper to price over the past week has performed well in the secondary space, the deals to price during Thursday’s session were not among them.

Range Resources Corp.’s 9¼% senior notes due 2026 (B1) and Genesis Energy, LP and Genesis Energy Finance Corp.’s 7¾% senior notes due 2028 (B1/B+) were both lagging their issue prices in the secondary space.

While Tegna Inc.’s 4 5/8% senior notes due 2028 (Ba3/BB) initially saw a tepid reception in the aftermarket, the notes popped up to a 101 handle over the past two trading sessions.

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