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Rain Carbon, Kraton, High Ridge, GasLog close out $7.8 billion week; new High Ridge gains
By Paul Deckelman and Paul A. Harris
New York, March 17– The junk bond market saw a quartet of new deals price on Friday to close out a week that was fairly busy.
All of the day’s new issues were regularly scheduled transactions that priced off the forward calendar.
A pair of chemical companies were among the issuers, as Rain Carbon Inc. priced a downsized and restructured $550 million of eight-year secured notes while Kraton Corp. brought a $400 million eight-year deal to market via a pair of financing subsidiaries.
High Ridge Brands Co., a maker of personal-care products, did $250 million of eight-year notes and GasLogLtd., a Monaco-based operator of liquefied natural gas carriers, also priced $250 million of new paper, in the form of a five-year issue.
Collectively, the deals were worth $1.45 billion.
That was well down from the $4 billion that got done in seven tranches brought by six issuers on Thursday, which accounted for the vast bulk of the week’s nearly $7.8 billion of new dollar-denominated, junk-rated securities.
In the secondary market, traders saw fairly active volume at higher levels for the new Kraton bonds and saw particularly strong gains, though on not a lot of volume, in the High Ridge deal.
Statistical market performance measures turned mixed on Friday, their second mixed performance in the last three trading days.
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