QEP drives by, firms; delayed Windstream also prices; Sprint dives as merger dies

By Paul Deckelman

New York, Nov. 6 – The high-yield primary market saw a pair of new U.S. dollar-denominated deals price on Monday – one a new drive-by offering, the other an upsized version of a deal delayed since last week.

Oil and natural gas exploration and production operator QEP Resources Inc. brought a quickly shopped $500 million issue of 8.25-year notes to market.

Traders said those new notes firmed smartly in very busy trading when they hit the aftermarket.

Telecommunications services provider Windstream Holdings, Inc. finally priced its planned issue of eight-year notes, which were marketed to potential investors last week, raising expectations that the deal might price either last Thursday or Friday.

When the deal finally did get done, syndicate sources said that it was upsized to $400 million and priced at a discount to par.

Traders saw the notes stay around their issue price.

The dollar market also saw a pair of prospective deals join the forward calendar, as dry-bulk shipping company Navios Maritime Holdings Inc. and Pentagon contractor Kratos Defense & Security Solutions Inc. each announced upcoming new offerings.

Away from the new deals Sprint Corp. bonds nosedived across its capital structure in very active trading, on the news that the wireless communications provider’s merger talks with sector peer T-Mobile came to an abrupt – but not unexpected – end, with no deal accomplished.

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