Euro deals price, but dollar market quiet to close $3.65 billion week; Dole, secured BWAY firm

By Paul Deckelman and Paul A. Harris

New York, March 24 – The dollar-denominated segment of the high-yield market turned quiet on Friday. However, there was action in the European part of the market, as Adler Pelzer Group, a German maker of automotive acoustic systems and trim parts priced €350 million of seven-year secured notes.

Spanish innkeeper NH Hotel Group, SA did a €115 million add-on to its existing 2023 secured notes.

The lack of pricings kept the week’s total of new dollar-denominated junk-rated paper from domestic or industrialized country borrowers right where it was on Thursday, at $3.65 billion, according to data compiled by Prospect News.

Traders said that both of the deals which came to market on Thursday, from fruit and vegetable products producer Dole Food Co. and from American Tire Distributors, Inc., moved up modestly from their respective par pricing levels in Friday’s dealings.

They also saw the secured portion of Wednesday’s big two-part transaction from container manufacturer BWAY Holding Co. a little above its issue price, although the unsecured portion of that megadeal was slightly easier.

Away from the new deals, the news from Washington that the Republican leadership had pulled its healthcare bill before a scheduled vote seemed to act as a tonic for hospital operators such as Community Health Systems, Tenet Healthcare Corp. and HCA Inc., all of whose bonds firmed on the news.

© 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.