Crestwood, Masonite, HealthSouth drive by; calendar builds; Whiting jumps on sale talk

By Paul A. Harris and Paul Deckelman

New York, March 9 – The high-yield primary arena opened the new week on Monday on a busy note, in contrast to Friday’s session, when no new dollar-denominated and fully junk-rated issues priced.

Syndicate sources saw three such deals come to market on Monday, totaling some $1.45 billion, all of them opportunistically timed and quickly shopped eight-year transactions.

Energy operator Crestwood Midstream Partners LP had the big deal of the day, a $700 million offering of notes. Masonite International Corp., a maker of interior and exterior residential doors, priced $475 million of new paper, while hospital company HealthSouth Corp. did $300 million of bonds.

Traders said the new Masonite issue firmed smartly in busy initial secondary dealings, but they did not see any immediate aftermarket activity in the Crestwood or HealthSouth issues.

The forward calendar, meanwhile, was greatly pumped up on news that Canadian drugmaker Valeant Pharmaceuticals International Inc. will bring nearly $10 billion equivalent of new dollar- and euro-denominated junk paper to market in a four-tranche offering.

There were also announcements about upcoming dollar deals from Tronox Ltd. and Surgical Care Affiliates, Inc., while European issuers Faurecia, Wind Acquisition Finance and Moto Hospitality were heard to be shopping deals around.

Away from the new deals, Whiting Petroleum Corp.’s bonds jumped on news reports that it is putting itself up for sale to potential buyers and has hired an investment bank to line up potential suitors.

© 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.