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Upsized Diamond Resorts prices, Big Tex too; Tallgrass Energy on tap; new Big Tex firmer
By Paul Deckelman and Paul A. Harris
New York, Aug. 17 – The busy high-yield primary market continued to generate new paper on Wednesday, with $1.76 billion of dollar-denominated and fully junk-rated securities having priced during the session, on top of the $1.55 billion that got done in five tranches on Tuesday.
Unlike Tuesday, which was dominated by small-to-medium deals, including several quickly shopped drive-by offerings – none were bigger than $500 million – Wednesday’s session saw two pretty sizable transactions, totaling three tranches, both of them regularly scheduled forward calendar issues.
Diamond Resorts International Inc., a hospitality and vacation ownership company, brought an upsized $1.1 billion of new paper to market in the form of seven-year secured notes and eight-year unsecured notes.
The secured piece of paper initially firmed when it hit the aftermarket, then dropped back, but it eventually ended on a firmer note in active dealings while the unsecured notes struggled from the get-go, also on busy volume.
Big Tex Trailers, a freight container company, priced $670 million of seven-year secured notes, which firmed smartly on brisk volume when they hit the secondary sphere.
Primaryside players meantime were awaiting a Thursday pricing of $400 million of eight-year notes from Tallgrass Energy Partners, LP.
In the secondary arena, traders saw active dealings in Tuesday’s new deals from, among others, Boise Cascade Co., Wolverine World Wide , Inc. and MGM Resorts International.
Statistical market performance measures were mostly firmer on Wednesday.
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