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Equinix two-parter, Level 3, Huntington Ingalls, Multi-Color price; Guitar Center falls
By Paul Deckelman and Paul A. Harris
New York, Nov. 17 – The high-yield primary market remained active on Monday with $2.7 billion of new junk bonds heard by syndicate sources to have come to market in five tranches.
It was the second consecutive high-intensity session, following the more than $3.2 billion of new dollar-denominated, fully junk-rated paper from domestic or industrialized-country borrowers that got done in three tranches on Friday, according to data compiled by Prospect News. This was a solid pick-up from Thursday’s $550 million total.
Equinix, Inc., a Redwood City, Calif.-based interconnection and data center company, had the big deal of the day, doing an upsized $1.25 billion two-part quick-to-market transaction consisting of seven- and 10-year notes. Both tranches firmed in heavy aftermarket trading.
Broomfield, Colo.-based telecom company Level 3 Communications, Inc. and Huntington Ingalls Industries, Inc., a Newport News, Va.-based defense shipbuilder, each did a quickly shopped $600 million offering, with Level 3’s eight-year notes and Huntington Ingalls’ seven-year paper each heard to have firmed.
Multi-Color Corp., a Cincinnati-based product label producer, had the day’s sole regularly scheduled forward-calendar deal – a $250 million offering of eight-year notes that priced late in the session.
Several new deals joined the forward calendar, among them offerings from Moog Inc., KLX, Inc. and EnTrans International, LLC.
Away from the new deals, Guitar Center Inc. paper was down in busy trading after the musical instrument retailer announced a shakeup in its senior management.
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