Hologic megadeal, Nabors, Olin drive by; new Olin notes firm; Albertsons off on results

By Paul Deckelman and Paul A. Harris

New York, Jan. 16 – The high-yield market returned to work Tuesday after a long three-day holiday weekend with a surprisingly busy slate of new-deal activity, all of it opportunistically timed and quickly shopped transactions.

All told, some $2.35 billion of new U.S. dollar-denominated and fully junk-rated paper priced during the session in four tranches brought to market by three issuers, up from the $1.8 billion that got done in a trio of deals on Friday.

The junk market and other fixed-income markets in the United States were closed on Monday in observance of the Martin Luther King Day federal holiday.

Hologic, Inc., a medical technology provider, priced $1 billion of new paper in two tranches on Tuesday – a $600 million add-on to its existing notes due in October 2025 that it sold last fall and $400 million of new stand-alone 10-year notes.

Nabors Industries, Inc., an onshore oil, natural gas and geothermal drilling company, did an upsized $800 million of new seven-year paper.

And Olin Corp., a manufacturer of chemicals and firearms ammunition, brought an upsized $550 million offering of 12-year notes to market.

Traders said that only the latter issue saw any appreciable aftermarket volume, firming smartly from its par issue price.

Away from the new deals, supermarket operator Albertsons Cos., LLC’s several issues of bonds fell after it reported disappointing fiscal third-quarter results.

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