Versum Materials prices, moves up; recent Landry, Sabine deals gain; market firm post-Fed

By Paul Deckelman and Paul A. Harris

New York, Sept. 21 – The high-yield market bade farewell to summer on its last full day on Wednesday with one dollar-denominated pricing. Versum Materials Inc. did a $425 million eight-year deal, syndicate sources said.

The industrial materials company’s new bonds were seen having firmed smartly when they hit the aftermarket, although not on any huge volume.

Traders saw continued upside activity in several recently priced offerings – Monday’s split-rated transaction from Sabine Pass Liquefaction LLC and the purely junk-rated issues from Landry’s, Inc. and Ziggo Group Holding BV.

Among the names that have not yet gotten done, primaryside sources were anticipating Thursday pricings from JDA Software Group Inc., which has been shopping a $400 million eight-year offering around, and LSC Communications Inc., doing a $400 million secured deal.

In the euro-denominated market, Avis Budget Finance plc priced an upsized eight-year deal.

Among existing issues, prices were seen generally firmer following the announcement that the Federal Reserve will leave interest rates where they are over the near term rather than raising them.

But even that bit of benign news failed to halt the recent slide in Community Health Systems, Inc. paper.

Statistical market performance measures turned firmer across the board on Wednesday after having been mixed on Tuesday. It was the second stronger session in the last three trading days.

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