T-Mobile three-part megadeal, AMC drive by, new AMC gains; new Valeant again firm

By Paul Deckelman and Paul A. Harris

New York, March 13 – The high-yield primary market remained a busy place on Monday, starting the new week on an active note, this coming off of the busiest new-issuance week ever seen in Junkbondland.

Syndicate sources said that wireless provider T-Mobile US, Inc. priced a quickly shopped $1.5 billion of new U.S.-dollar denominated and fully junk-rated paper in a three-part offering consisting of five-, eight- and 10-year notes.

Movie theater operator AMC Entertainment Holdings Inc. did a quick-to-market $475 million of 10-year subordinated notes, part of a two-part, dual-currency transaction that also included a euro-denominated add-on tranche to its existing notes.

The new stand-alone dollar-denominated paper was heard by traders to have pushed higher in busy initial aftermarket dealings.

When all was said and done, the day’s session produced $1.975 billion of new dollar paper – up from the $500 million face amount that had priced in two deals on Friday. That Friday session had capped off a wild week that saw $17.525 billion of such bonds from domestic or industrialized-country borrowers, a new record.

The traders did not see much Monday activity in Friday’s two smallish new deals.

But they saw continued busy dealings in some of the issues that had come to market earlier last week, including Valeant Pharmaceuticals International Inc., CHS/Community Health Systems Inc., Charter Communications, Inc., Equinix Inc. and American Axle & Manufacturing Holdings Inc.

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