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Altra, Ascent price; Vine, Resideo on tap; Basic Energy up; Chesapeake Energy lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 26 – New deal activity continued at a steady pace in the domestic high-yield primary market with two offerings pricing during Wednesday’s session and two more joining the forward calendar.
Ascent Resources Utica Holdings, LLC priced $600 million of 7% eight-year senior notes (B2/BB-) at 99.236 to yield 7 1/8%.
Altra Industrial Motion Corp. priced a $400 million issue of eight-year senior notes (B2/B+) at par to yield 6 1/8%.
The forward calendar also continued to grow.
Resideo Funding Inc. started a roadshow on Thursday for $400 million of eight-year senior notes (B1/BB+).
Vine Oil & Gas LP and Vine Oil & Gas Finance Corp. plan to price $350 million of senior notes due April 15, 2023 on Friday.
The new paper was the focus of the secondary space although with mixed performances in high volume activity.
Altra Industrial’s new offering dominated activity with the notes up more than 1 point. Ascent Resources’ new notes were also active and trading at a slight premium.
Chesapeake Energy Corp.’s $1.25 billion dual-tranche offering (Caa1/B-) had a lackluster reception in the secondary space with both tranches at times lagging their issue price.
Basic Energy Services, Inc.’s new 10¾% senior secured notes due 2023 (B3/B), in contrast, continued to improve on Wednesday with the notes trading more than 2 points above issue.
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