Chemours megadeal, Viking Cruises price; new Chemours busy; Seventy Seven Energy jumps

By Paul A. Harris and Paul Deckelman

New York, May 5 – The high-yield market saw a pair of new issues price on Tuesday, in contrast to Monday’s complete shutout.

Chemours Co. had the big deal of the day, a three-part, regularly scheduled $2.5 billion equivalent deal consisting of an upsized $1.35 billion of dollar-denominated eight-year notes, a downsized $750 million of 10-year notes and a €360 million tranche of eight-year notes.

Both dollar-denominated tranches firmed in initial aftermarket deals, although they were off from their early peak levels. The considerably larger eight-year piece was actively traded, much more so than the 10-year notes.

Viking River Cruises Ltd. priced a quickly shopped $250 million offering of 10-year notes, which moved up solidly when they hit the aftermarket.

Price talk emerged on prospective new offerings being shopped around by Quintiles Transnational Holdings Inc. and Petra Diamonds Ltd., with both expected to price Wednesday.

Another transaction seen likely to price Wednesday was Brookfield Residential Properties Inc.’s concurrent $350 million and C$250 million of 10-year and eight-year notes, respectively.

Among the already-established bonds, Quicken Loans Inc.’s big deal from Friday remained the most actively traded junk issue.

Away from the new or recently priced deals, traders saw Seventy Seven Energy Inc.’s bonds jump in busy dealings after the oilfield services operator reported better-than-expected first-quarter financial results.

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