Oasis prices drive-by; Fair Isaac, Neptune Energy on tap; Sprint volatile; WeWork slides

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 30 – Monday saw the pricing of a $400 million drive-by offering with the forward calendar for the domestic and European market growing.

In drive-by action on Monday, Oasis Petroleum Inc. priced a $400 million issue of eight-year senior notes (B3/BB-) at par to yield 6¼%. The notes were seen just above par after breaking for trade.

Neptune Energy Group Midco Ltd. and Neptune Energy Bondco plc’s $500 million offering of seven-year senior notes (B2/BB-) and Fair Isaac Corp.’s $400 million offering of an eight-year senior bullet (Ba2/BB+) are on deck for Tuesday.

In the domestic market, Consolidated Energy Finance SA and Merlin Entertainment plc launched roadshows on Monday. In the European market, Nexi Capital SpA and Aldesa Agrupacion Empresarial, SAU launched new offerings.

Sprint Corp.’s junk bonds were in focus in the secondary market on Monday and losing ground later in the session after early gains with optimism surrounding the merger agreement with T-Mobile overcast by doubts about regulatory approval.

WeWork Cos. Inc.’s newly priced 7 7/8% senior notes due 2025 (Caa1/B+/BB-) continued to lose ground on Monday with the notes now trading with a 96 handle, a market source said.

McDermott International Inc.’s recently priced 10 5/8% senior notes due May 2024 (B2/B-) continued to gain strength in the secondary market with the notes seen trading up to 101 after pricing with a deep discount of 94.75.

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