Aircastle, Olin, Vermilion price; calendar swells; new Blue Line, CyrusOne busy

By Paul Deckelman and Paul A. Harris

New York, March 6 – The high-yield primary market continued churning out new deals on Monday, maintaining the busy momentum seen at the tail end of last week.

Syndicate sources said that some $1.3 billion of U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers priced in three single-tranche issues – although that was off somewhat from the $2.1 billion which got done in four tranches during Friday’s session and well down from Thursday’s sizzling $4.2 billion in six tranches.

There were a pair of $500 million quick-to-market offerings, as aircraft leasing company Aircastle Ltd. flew in with a seven-year deal and chemical maker and firearms ammunition manufacturer Olin Corp. priced a tranche of 10.5-year notes.

There was also a regularly scheduled forward calendar offering – oil operator Vermilion Energy Inc.’s $300 million of eight-year notes.

But in addition to the deals actually pricing, the forward calendar was growing appreciably.

Several names- Rain Carbon Inc., Imagold Corp., New Home Co. and New Enterprise Stone & Lime Co., Inc. – were heard to have begun roadshows to market deals to investors.

Cott Corp. was also heard to be shopping a deal around, while American Axle & Manufacturing Inc. announced plans for a $1.2 billion deal. Valeant Pharmaceuticals International Inc. also plans an upcoming bond issue.

In the secondary arena, traders saw busy activity in recently priced issues from CyrusOne Inc. and Blue Line Rental.

© 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.