Colgate, TechnipFMC price; Beasley, Concrete Pumping over 102; Murphy USA flat

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 22 – Two issuers from the energy sector cleared the primary market on Friday, despite a sell-off in the junk bonds of exploration and production companies.

TechnipFMC plc priced an upsized $1 billion issue of five-year senior guaranteed notes (Ba1/BB+) at the tight end of talk.

However, Colgate Energy Partners III, LLC priced a restructured $300 million issue of five-year notes (B3/B) at a discount.

Meanwhile, the secondary space was soft on Friday with the energy sector taking a beating on the heels of the new Interior Secretary’s moratorium on gas and oil drilling leases on federal land.

While Beasley Broadcast Group, Inc.’s 8 5/8% senior secured notes due 2026 (B3/B-) were coming in from the heights reached after breaking for trade, they continued to trade with a large premium.

Brundage-Bone Concrete Pumping Holdings Inc.’s 6¼% senior secured second-lien notes due 2026 also outperformed with the notes on a 102-handle.

However, Murphy Oil USA Inc.’s 3¾% senior notes due 2031 (Ba2/BB+) fell flat in high-volume activity.

While Murphy USA’s newly priced 3¾% notes due 2031 were holding at par, the junk bonds of the gas station operator’s former parent company, Murphy Oil Corp., continued to sell off alongside the broader energy sector.

© 2015 Prospect News.
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