GCP prices eight-year bullet; pre-Easter calendar builds; Cequel 7½% notes trade up

By Paul A. Harris and Abigail W. Adams

Portland, March 26 – GCP Applied Technologies Inc. was the first to price in what promises to be a big week in the dollar-denominated new issue market. Charles River Laboratories, Inc. and W/S Packaging Holdings also announced roadshow deals on Monday.

They took their place on a pre-Easter calendar with $6 billion in deals, several of which are coming in the form of committed financing.

Coty Inc., McDermott International Inc., Ply Gem Holdings Inc., Wyndham Hotels & Resorts, Inc. and Boyne USA, Inc. all plan to price before the truncated week comes to an end.

While new paper from GCP Applied Technologies priced on Monday, market sources did not see it trading in the secondary market before the market close.

Trading volume in Junkbondland was “pretty light,” during Monday’s session, a market source said.

USG Corp.’s 4 7/8% senior notes due June 2027 were up half a point on news that its board unanimously rejected a takeover bid from Knauf Entities.

Cequel Communications Holdings I, LLC’s recently priced 7½% senior notes due April 2028 (Caa1/B) remained strong in the secondary market and were seen wrapped around 102 during Monday’s session, according to a market source.

While Cequel’s new notes traded up, Guitar Center, Inc.’s recently priced 9½% senior notes due 2021 continued to trade down. The notes were seen at 95 bid, 96 offer on Monday, about a ¼-point drop from Friday.

© 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.