T-Mobile $2.5 billion two-part drives by; new Meredith, Crown busy; Frontier gains more

By Paul Deckelman and Paul A. Harris

New York, Jan. 22 – The high-yield primary market saw just one deal get done on Monday – but it was a big one.

Wireless provider T-Mobile USA, Inc. did a quickly shopped $2.5 billion two-part offering of eight- and 10-year notes, with proceeds slated to take out some of the company’s existing near-term debt.

The new deal priced fairly late in the session, and traders did not immediately report any initial aftermarket activity.

They said that several issues of the company’s existing paper were mixed on the day.

Elsewhere, Friday’s new offering from publisher Meredith Corp. continued to trade actively on Monday, topping the Most Actives list for a second consecutive session. The bonds added marginally to the hefty initial aftermarket gains racked up on Friday when the bonds traded around after pricing.

Friday’s other new deal, from plastics packaging manufacturer Berry Global Inc., traded around but was little changed on the day.

Also among the recently priced issues, Thursday’s big deal from packaging maker Crown Holdings, Inc. was actively traded on Monday at somewhat higher levels.

Away from the new deals, it was another strong session for Frontier Communications Corp. paper, which rose smartly last week after the wireline telecommunications company announced its proposed amendment to its existing credit facility, a move seen as enhancing its ability to deal with its short-term maturities.

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