By Joy Ferguson
April 18 (IFR) – Chaparral Energy and National CineMedia
entered the high-yield market on Wednesday with new deals.
Chaparral Energy has launched a US$350m 10.5-year
non-call five senior notes offering through Credit Suisse,
Credit Agricole, JP Morgan, RBC and Wells Fargo joint books.
Pricing is expected later Wednesday, with proceeds being
used to fund the tender offer for its US$325m 8.875% senior
notes due 2017. The deal is talked at 7.625%-7.75%. Chaparral is
an oil and gas E&P; with core operations in the Mid-Continent and
Permian Basin.
National CineMedia is looking to price US$315m in
senior secured notes due 2022. The non-call five issue, rated
Ba2/BB-, is being led through Barclays, JP Morgan, Credit
Suisse, Macquarie and Morgan Stanley joint books.
Pricing is scheduled for later Wednesday or Thursday.
Proceeds will repay the US$275m term loan and terminate the
associated swap agreement. National CineMedia is a cinema
advertising services company.
Elsewhere, price talk of 10.50% is out on China Shanshui
Cement Group’s five-year non-call three senior notes
offering due to price later Wednesday. The deal is expected to
be US$300m to US$400m in size. Credit Suisse, Deutsche Bank,
HSBC and JP Morgan are leading.
Also, Physiotherapy Associates’ US$210m
seven-year non-call three senior unsecured issue is talked at
12.25%-12.50%. Pricing is expected Wednesday through Jefferies
and RBC.
In the secondary market, the CDX HY18 is off roughly half a
point at 94.75-94.875.
U.S. Treasuries……….
U.S. Treasury outlook…
U.S. corporate bonds….
U.S. agencies………..
U.S. mortgage-backeds…
U.S. asset-backeds……
U.S. municipal bonds…
(Reporting by Joy Ferguson; Editing by Marc Carnegie)
