Banks Cut Yield on $625 Million Enerflex Junk-Bond Sale (1)

A group of banks led by Royal Bank of Canada managed to reduce the all-in yield investors will receive in a junk bond sale for Canadian oilfield services company Enerflex Ltd., according to people familiar with the matter.

The $625 million first-lien secured notes were priced at a yield of 11.5% on Thursday, according to people with knowledge of the transaction. That compares to a yield of between 12% and 13% discussed early this week, Bloomberg reported. The notes have a 9% coupon, the people said.

The deal was announced Monday to refinance debt and help fund a ...