AES, Penske, Teleflex drive by; new Goodyear gains in busy dealings; new NRG trades off

By Paul Deckelman and Paul A. Harris

New York, May 11 – The high-yield new-deal market picked up its activity pace on Wednesday. Three issuers priced new deals – all of them quickly shopped 10-year transactions – collectively worth $1.4 billion.

Power generation company AES Corp. brought a $500 million offering to market.

Car and truck dealership operator Penske Automotive Group, Inc. did a $500 million subordinated notes deal.

Medical products and services provider Teleflex Inc. got a $400 million issue done.

Syndicate sources said that the already busy week will wrap up the same way, with new deals expected to price over the next day or so from foodservice distributor Performance Food Group, Inc., metals producer Ryerson Holding Corp. and liquefied natural gas company Cheniere Corpus Christi Holdings, LLC, the latter expected to be a secured mega-deal-sized offering.

Among the issues that have already priced so far this week, traders said that Goodyear Tire & Rubber Co.’s 10-year deal from Tuesday moved higher in heavy trading.

But Monday’s 10-year deal from wholesale power producer NRG Energy, Inc. was heading lower for a second straight session.

Statistical market performance measures turned mixed on Wednesday for the second time in the last three sessions after having turned higher across the board on Tuesday.

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