Upsized Endo megadeal, CyrusOne add-on, Univar price; new Endo jumps in heavy trading

By Paul A. Harris and Paul Deckelman

New York, June 24 – Endo International plc brought an upsized $1.64 billion eight-year note issue to market on Wednesday, syndicate sources said.

The much-anticipated regularly scheduled forward calendar offering was heard by traders to have shot up in price almost from the moment the big deal hit the aftermarket, going out several points over its issue price in very heavy trading.

Endo was the star performer of a session that saw $2.14 billion of new dollar-denominated and fully junk-rated paper come from domestic or industrialized-country issuers in three tranches, more than doubling the $923 million of such paper that had gotten done on Tuesday in two tranches, according to data compiled by Prospect News.

Besides Endo, the syndicate sources said that Univar Inc. priced $400 million of eight-year notes in a regularly scheduled offering that came too late in the session for much of an aftermarket.

There was also a $100 million add-on to its existing 2022 notes from CyrusOne Inc. The offering was not seen in the aftermarket.

However, there was substantial post-pricing trading activity in some of the other deals that have come to market this week, including the new issues from CNH Industrial NV and Ball Corp., as well as last week’s new deal from Eclipse Resources Corp.

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