HighPeak on junk road; Fortrea adds; CCO Holdings rises; EquipmentShare jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 13 – While no deals cleared the domestic junk bond primary market on Tuesday, one offering joined the forward calendar with two large leveraged buyout deals heard to be coming soon.

HighPeak Energy Inc. is on the road with a $575 million offering of five-year senior notes.

Meanwhile, it was a firm day in the secondary space as credit spreads tightened on the heels of the latest Consumer Price Index report and in anticipation of a pause in rate hikes at the conclusion of the Federal Open Market Committee meeting on Wednesday.

Fortrea Holdings Inc.’s new 7½% senior secured notes due 2030 (Ba3/BB/BB+) continued to add in heavy volume after a strong break that lifted the notes to a 101-handle.

EquipmentShare.com Inc.’s 9% second-lien senior secured notes due 2028 (B3/B-) were among the weaker credits to make large gains during Tuesday’s session with the notes jumping 2 points after hitting an all-time low the previous week.

Outside of recent issues, Charter Communications, Inc. subsidiary CCO Holdings, LLC’s 7 3/8% senior notes due 2031 (B1/BB-) were lifted in heavy volume after the company extended the maturity of its 2024 credit facilities.

© 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.