Upsized Barminco prices; Petsmart ticks higher; recent Ultra Petroleum, Cedar Fair mixed

By Colin Hanner and Paul A. Harris

Chicago, April 11 – Barminco Finance Pty Ltd. priced an upsized $350 million of five-year senior secured notes at par to yield 6 5/8% on Tuesday, as overall activity slowed to a “trickle” in the high-yield market, a trader said, with the most activity coming out of Petsmart Inc. and recently-priced new issues, and movement not veering too wide.

“It slowed to trickle today,” the trader said of the session’s activity, which is yielding to current and upcoming religious holidays. “And tomorrow will probably look dry compared to today.”

Phoenix, Ariz.-based pet retailer Petsmart was “probably the most active name in the market today,” a trader said, and one of the only issues to see movement over 1 point.

Recent issues Ultra Petroleum Corp. and Cedar Fair L.P continued to trade into Tuesday, with the latter trading marginally higher.

Ultra Petroleum fell off highs reached on Monday.

With a sizeable advance on Monday, Endo International plc pared those gains on Tuesday, a trader said.

Idiosyncratic movers tended to make up the rest of the movement, like telecommunications company Frontier Communications Corp., which are “always active,” a trader said, and Houston-based electricity provider Calpine Corp., which was down near 1 point on the session.

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