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Media General, Hovnanian, Evraz price to cap $6.8 billion week; new Media General tops actives
By Paul Deckelman
New York, Oct. 31 – The high-yield primary sphere closed out the month of October on a high note on Friday.
While it may have been Halloween, would-be bond issuers were certainly not spooked, bringing a total of $1 billion to market in three tranches, in contrast to Thursday’s session, when syndicate sources indicated that no new dollar-denominated, fully junk-rated deals from domestic or industrialized-country issuers had gotten done.
Television station group owner Media General, Inc. brought an upsized $400 million of eight-year senior notes to market; that deal had originally been expected to price on Thursday but was pushed off until Friday to allow some tinkering with the bank debt component of the company’s financing initiative.
Secondary market traders said the new Media General notes were the most actively traded name in Junkbondland on Friday, moving up solidly from their issue price.
Also coming to market was familiar junk issuer Hovnanian Enterprises, Inc.; a subsidiary of the homebuilder priced an upsized $250 million of five-year bullet notes. Those bonds also saw some brisk aftermarket dealings and rose from their issue price.
Canadian steel producer Evraz Inc. NA Canada did a downsized $350 million of five-year secured notes. The new bonds were not seen immediately trading around.
The day’s deals brought the week’s new issuance total to $6.8 billion in nine tranches, up from the slightly over $6 billion that had come to market in 13 tranches during the previous week, ended Oct. 24, according to data compiled by Prospect News.
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