Primary quieter; Revlon on tap; new, firmer NRG tops Most Actives; recent deals less busy

By Paul Deckelman and Paul A. Harris

New York, July 20 – The high-yield primary market was quieter on Wednesday, syndicate sources said.

No new dollar-denominated and fully junk-rated deals were heard to have priced before the session wrapped up. Australian wood supplier TFS Corp. announced the terms of a $250 million 8¾% seven-year secured offering after the close.

Primaryside players meantime were looking forward to the expected pricing on Thursday of a $400 million eight-year offering from cosmetics and beauty products company Revlon Inc.

In the secondary market, traders said that Tuesday’s big new deal from wholesale power generation company NRG Energy, Inc. was easily the busiest credit in Junkbondland, moving up slightly when it hit the aftermarket.

Other recently priced deals were seen remaining well above their initial issue prices, but the traders said there was relatively little volume in such credits as Reynolds Group Holdings, Ltd., Cloud Crane, LLC and Rivers Pittsburgh.

Away from the new deals, musical instrument maker Gibson Brands, Inc.’s bonds were seen having firmed slightly from the lows to which they had plunged on Tuesday but still well below their former levels.

Statistical market performance measures turned higher on Wednesday, after having been mixed Tuesday. It was the second improving session in the last three trading days.

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