PBF Energy drives-by; RingCentral struggles; Fortrea falls; Roblox lower

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 14 – PBF Energy Inc. priced Monday’s sole deal, a $500 million issue of 7 7/8% seven-year senior notes, which sold at 99.324 to yield 8% in a drive-by.

Tenneco Inc. spent the past week roadshowing a $1.75 billion offering of 8% senior secured notes due November 2028, a revival of efforts by dealers to replace bridge financing backing the buyout of the company by Apollo, which became hung up on dealer balance sheets, due to market conditions, late last year.

Meanwhile, it was a flat day in the secondary space with volume light as market players await the next catalyst for movement.

RingCentral Inc.’s new 8½% senior notes due 2030 (B1/BB/BB) were struggling in the aftermarket, breaking below a 99-handle after a weak break.

Fortrea Holdings Inc.’s 7½% senior secured notes due 2030 (Ba3/BB/BB+) gave back all gains made since pricing in June and sank below par following earnings.

Roblox Corp.’s 3 7/8% senior notes due 2030 (Ba2/BB) continued to move lower after disappointing earnings the previous week.

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