AkzoNobel prices; Refinitiv mixed again; CalRes declines; L Brands, Neiman Marcus rise

By James McCandless and Paul A. Harris

San Antonio, Sept. 20 – AkzoNobel NV sold a downsized €1 billion equivalent amount of eight-year senior notes on Thursday, the second of the week’s high profile merger and acquisition deals, while the secondary market saw a refocus on bellwethers and retail names along with new issues.

The AkzoNobel deal, which was downsized from €1,385,000,000, included a downsized $605 million tranche of Starfruit US Holdco LLC notes, which priced at par to yield 8%. The tranche size was decreased from €900 million equivalent. The yield printed at the tight end of the 8% to 8¼% yield talk.

Earlier in the week Refinitiv priced $4.25 billion equivalent of notes in four tranches, in a deal backing the acquisition of a 55% stake in Thomson Reuters Financial & Risk by Blackstone, Canada Pension Plan Investment Board and GIC.

Refinitiv’s dollar-denominated tranches were mixed, once again leading secondary trading.

California Resources Corp.’s 8% notes declined, falling in line behind oil futures.

L Brands, Inc. saw its 6 7/8% bonds move higher.

Neiman Marcus Group, Inc.’s issues also gained in the wake of a mixed second-quarter earnings report.

© 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.