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Upsized Landry’s prices, new bonds up; Sabine issue busy; Community Health weakens
By Paul Deckelman and Paul A. Harris
New York, Sept. 20 – The high yield primary sphere saw one fully-junk rated and dollar-denominated issue price during the session on Tuesday, as restaurant, gaming and lodging company Landry’s, Inc. served up an upsized $600 million of eight-year notes.
The new bonds firmed smartly when they hit the aftermarket, traders said, with Landry’s being among the most active credits.
The day’s menu also included an issue from another restaurateur, Brinker International, Inc., which did a split-rated $350 million tranche of eight-year notes.
Monday’s split-rated deal from natural gas company Sabine Pass Liquefaction LLC was the busiest name in Tuesday’s trading, although much of the interest in that upsized megadeal came from yield-seeking crossover investors rather than traditional junk accounts.
Away from the deals that have already priced, primaryside sources heard price talk out on Versum Materials, Inc.’$425 million eight-year issue, which is expected to come to market on Wednesday.
The forward calendar grew new-deal announcements from the likes of aluminum giant Alcoa Inc., which will do a $1 billion eight-year deal later in the week, as well as LSC Communications Inc., Donnelley Financial Solutions Inc. and Avis Budget Finance plc, the latter deal being a euro-denominated offering.
Away from the new deals, Community Health Systems, Inc.’s bonds remained in focus, actively trading across the board for a second straight session after the hospital operator said it was exploring strategic options, but some of the bonds that had firmed on Monday were in retreat Tuesday.
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