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Bombardier, Venture Global drive-by; forward calendar balloons; DISH craters
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 6 – The high-yield new issue market burst to life on Monday in a session replete with drive-by deals, as well as announcements of multi-tranche, dual-currency deals expected to price later in the week.
Two drive-by issuers raised a total of $1.75 billion in a combined three tranches.
Venture Global LNG Inc. upsized to $1 billion from $750 million, as it tapped a pair of issues that priced in October.
The deal included a $500 million add-on to the 9 ½% bullet notes due Feb. 1, 2029 that priced at
Meantime Bombardier Inc. priced an upsized $750 million issue (from $500 million) of seven-year senior notes at par to yield 8¾%.
Deals announced Monday include Smyrna Ready Mix Concrete $1.1 billion; Ineos Quattro Finance 2 plc €800 million equivalent dollars and euros; EG Global Finance plc $1.6 billion equivalent dollars and euros; and InfraBuild Australia Pty Ltd.’s $350 million, initial talk 14¾% to 15%, pricing expected Thursday.
Meanwhile, the secondary space pulled back on Monday after the spectacular gains of the previous two sessions. DISH Network Corp.’s senior notes cratered on Monday with investors again questioning the future viability of the company after a large earnings miss.
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