Air Medical, NewStar price to cap $12.7 billion week, move up; AMD slides after results

By Paul A. Harris and Paul Deckelman

New York, April 17 –The high-yield primary market wound down on Friday after a busy week, pricing a pair of new deals totaling $670 million.

Airborne emergency transport service Air Medical Group Holdings Inc. brought a $370 million offering of eight-year notes to market, while loan provider NewStar Financial, Inc. did $300 million of five-year notes, both as regularly scheduled deals off the forward calendar.

Air Medical gained a little altitude when its bonds hit the aftermarket, while traders saw NewStar having firmed smartly in secondary dealings.

Those deals brought the week’s tally of new paper up to $12.74 billion in 17 tranches, according to data compiled by Prospect News, edging out the $12.63 billion seen to have priced in 21 tranches last week, ended April 10.

As has been the case for most of the week, the secondary market remained dominated by trading in recent new issues, including Thursday’s offerings from Communications Sales & Leasing, Inc. and Gulfport Energy Corp., as well as Wednesday’s big deal from Level 3 Communications, Inc.

Away from the new deals, Advanced Micro Devices Inc.’s bonds were on the slide after the computer-chip manufacturer announced what market participants considered to be disappointing quarterly results and guidance.

Statistical market performance indicators were lower across the board on Friday, after having been mixed on Thursday and higher all around on Wednesday.

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