Manitowoc Food prices to cap $3.5 billion week; recent deals active; Arcelor up on debt plan

By Paul Deckelman and Paul A. Harris

New York, Feb. 5 – Manitowoc Foodservice Inc., as expected, served up a $425 million offering of eight-year notes on Friday.

As has been the case with almost all of the recently priced new deals, execution was crisp, coming at the tight end of pre-deal market price talk.

The offering brought the week’s tally of new U.S. dollar-denominated and fully junk-rated paper to $3.52 billion in five tranches, down a little from the $3.8 billion that came to market in six tranches last week.

Traders saw a fair amount of activity in recently priced bonds, with Vizient trading at a clear premium to its issue price, Acadia up a little, but Charter struggling to stay at or above par.

Away from the new deals, traders noted gains in ArcelorMittal SA’s bonds, aided by news that the European steel giant will raise new capital to take out some of its existing debt.

Statistical indicators of junk market performance were mixed on Friday versus where they had finished on Thursday, their third consecutive mixed session and fourth such mixed session in the last eight trading days.

Those market measures, though were lower versus where they had finished last Friday – their first lower week after two straight weeks when the gauges were higher all around, and the third lower week out of the last five.

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