Downsized Harland Clarke, Consol price firm; Murray Energy slides amid Bowie news

By Paul Deckelman

New York, Oct 31 – The high-yield primary market closed out the month of October on Tuesday with a downsized pricing from check printer and advertising services company Harland Clarke Holdings Corp. It brought a $450 million add-on to its existing 2022 senior secured notes to market; the new bonds firmed when they hit the aftermarket, with the new deal the busiest credit of the day in Junkbondland.

High-yield syndicate sources also heard terms on a downsized $300 million offering of eight-year senior secured notes from coal mine operator Consol Mining Corp., which actually priced late Monday.

That Consol deal was also actively traded, firming smartly from its par issue price.

The Harland Clarke and Consol deals brought new issuance for the month up to $24.12 billion of new U.S. dollar-denominated and fully junk-rated paper – down from September’s total, but more than double the amount priced in October 2016.

Residential loan company Freedom Mortgage Corp. began shopping around a $400 million issue of seven-year notes, with pricing expected later on in the week.

Bowie Resource Partners LLC took to the road with a $375 million offering of five-year senior secured notes, expected to price early next week, to help finance a buyout of that coal company by a group that includes sector peer Murray Energy Corp.

Murray Energy’s own existing bonds were at the same time seen by traders to have fallen sharply on sizable volume.

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