Hilton megadeal, Graphic Packaging drive by, split-rated HCA, NXP also; recent Adient firm

By Paul Deckelman and Paul A. Harris

New York, Aug. 8 – The recently busy pace in high yield primary activity continued into the new week on Monday, as syndicate sources saw four quickly shopped transactions totaling $3.5 billion get done – $1.2 billion of that purely junk-rated and another $2.2 billion in split-rated paper that attracted interest from junk investors.

In the former category, hotel operator Hilton Worldwide Holdings Inc. priced an upsized $1 billion of new eight-year notes.

A subsidiary of Graphic Packaging Holding Co. came to market with $300 million of notes, also eight-year.

Traders saw those bonds modestly firmer, on active volume, when they were freed for secondary dealings.

The split-rated deals that priced both topped the $1 billion mark.

Hospital giant HCA Holdings, Inc., via a subsidiary, did an upsized $1.2 billion of 10.5-year notes, while computer-chip manufacturer NXP Semiconductors NV – which had just been in the market with a large offering in late July – came back for more on Monday with $1 billion of eight-year paper.

Both were actively traded in the aftermarket, firming modestly.

Among recently priced issues, Friday’s offering of 10-year notes from automotive components maker Adient Global Holdings Ltd. traded actively, holding onto the robust gains it initially saw in the aftermarket.

Statistical market performance measures were higher across the board for a third straight session on Monday; they had improved on Thursday and stayed higher on Friday as well after having been mixed over the previous four consecutive sessions.

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