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PennyMac, Northern Oil, U.S. Steel price; calendar grows; Wynn Las Vegas gains; energy sector strong
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 8 – The domestic high-yield primary market saw an active start to the week with several deals pricing and the forward calendar growing.
PennyMac Financial Services Inc. drove-by with an upsized $650 million offering of eight-year senior notes (B1/BB-).
Northern Oil and Gas, Inc. also priced an upsized $550 million issue of seven-year senior notes (Caa1/B/B) at the conclusion of a roadshow.
United States Steel Corp. priced an upsized $750 million of eight-year notes.
Meanwhile, it was another strong day in the secondary space although volume was light as activity surrounding recent issues died down, a source said.
As market players awaited the new deals in the pipeline, attention turned to outstanding issues with corporate news the driving force for trading activity.
U.S. Steel’s 12% senior notes due 2025 were in focus and making gains after the company announced its intention to redeem the notes with proceeds from the new offering.
Wynn Las Vegas’ 5¼% senior notes due 2027 were also making gains after the company announced a new equity offering.
The energy sector was on the rise on Monday with several distressed energy names the major winners of Monday’s session as crude oil futures continued their upward momentum.
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