| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Weatherford International Ltd. > News item |
Junk tracks equities lower; New Weatherford notes slide with crude; Cott prices €450 million
By Paul A. Harris
Portland, Ore., June 16 – Declining stock prices put pressure on the high-yield bond market, with cash bonds off one ¼ to ½ point on Thursday morning, a trader said.
With continued weakness in crude oil prices, energy bonds were down significantly on the morning, the trader said.
Weatherford International Ltd.’s new senior notes (B2/BB-) were down 4 to 5 points.
The Weatherford 7¾% notes due June 15, 2021 were at 96½ bid on Thursday morning. The longer dated 8¼% notes due June 15, 2023 have fallen further and were at 95½ bid at mid-morning on Thursday.
The bullet deal came in a pair of $750 million tranches, both of which priced at par last Friday.
Meanwhile the bonds of Whiting Petroleum Corp. were down 1 to 2 points.
The barrel price of West Texas Intermediate crude for July delivery was down 3.35%, or $1.61, at $46.40 on Thursday morning.
Elsewhere, the new 20-year paper from L Brands, Inc. was holding in well against the Thursday morning selloff, the trader said, noting that the company’s 6¾% senior notes due 2036 (Ba1/BB+) were hanging in around par.
Cott prices
Cott Corp. cleared the active new issue calendar on Thursday as it priced a €450 million issue of eight-year senior notes (B3/B-) at par to yield 5½%.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
Joint bookrunner Deutsche Bank will bill and deliver for the acquisition financing. JP Morgan, Wells Fargo, BofA Merrill Lynch and SunTrust Robinson Humphrey were also joint bookrunners.
Elsewhere, uncertainty surrounding the June 23 “Brexit” vote, in which voters in the United Kingdom will choose whether or not the country is to remain in the European Union, is putting a damper on new issue activity, market sources say.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.