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MDC, Icahn tap price; Nabors, Laredo Petroleum on deck; Oasis, Whiting gain
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 6 – The domestic high-yield primary market returned to action on Monday with one new deal and one add-on pricing and the forward calendar growing.
In a split-rated deal M.D.C. Holdings, Inc. priced an upsized $300 million issue of 10-year senior notes (Ba2/BB+/BBB-).
Icahn Enterprises LP and Icahn Enterprises Finance Corp. priced an upsized $550 million in add-ons to two tranches.
The calendar also grew with Nabors Industries Ltd. planning to price $800 million in two tranches on Tuesday and Laredo Petroleum, Inc. marketing a $900 million two-tranche offering, which is slated to price on Friday.
Meanwhile, the secondary space was soft at the launch of Monday’s session but closed the day largely flat.
The energy sector was again in focus with single B energy names making large gains.
Oasis Petroleum’s 6¼% senior notes due 2026 (B2/B+) and Whiting Petroleum Corp.’s junk bonds (B2/BB-) were among the major gainers of Monday’s session.
Western Midstream Partners LP’s junk bonds also gained in active trading following news Occidental Petroleum Corp. had reduced its stake in the company to enable its spinoff.
News of Nabors’ new offering sparked activity in its 4 5/8% notes due 2021, which were trading just shy of their tender price.
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