Junk ends firm; Parsley, Brinks, Gulfport price, trade up; recent issues active, strong

By Paul A. Harris and Stephanie N. Rotondo

Seattle, Oct. 5 – Three new deals priced on Thursday, two of them upsized.

Parsley Energy, LLC brought an increase $700 million of 10-year senior notes, Brinks Co. priced $600 million issue of 10-year senior notes, an offering that was also expanded from its planned size, and Gulfport Energy Corp. brought $450 million of nine-year senior notes.

Meanwhile in secondary trading it continued to be new-issues-all-the-time in the high yield bond market on Thursday.

Deals priced during the day’s session were rather active – and better – though new issues from earlier in the week also remained on the radar.

Away from the new deals, oil names pushed up as crude oil prices once again ticked over the $50 mark. Among the gainers were California Resources Corp. and Denbury Resources Inc.

Market indicators showed the overall market was firm in trading on Thursday.

Meanwhile high-yield mutual funds – seen as an indicator of overall market liquidity trends – were in positive territory for the most recent week, seeing $646 million of inflows, according to AMG Data Services Inc., a source familiar with the data said. It was the third consecutive cash gain.

© 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.