M/I Homes brings $300 million drive by; domestic primary otherwise quiet; TerraForm up

By Paul Deckelman

New York, Nov. 23 – The high-yield primary market began what will be a holiday-abbreviated week with an opportunistically timed and quickly shopped offering that priced during Monday’s session.

Columbus, Ohio-based builder M/I Homes, Inc. came to market with an unscheduled $300 million of five-year notes.

After the bonds priced at par, traders said they edged up when they reached the aftermarket, although trading volume was relatively active.

Not much else was seen going on in the domestic primary market.

Two companies, ATM machine producer Diebold Inc. and gaming operator Pinnacle Entertainment Inc., made regulatory filings disclosing plans for upcoming corporate financings, with each company intending to sell some junk bonds as part of that. But such issuance was not expected to be imminent.

Out of Europe came word that Greece-based Hellenic Telecommunications Organization SA plans to issue new four-year euro-denominated bonds in order to finance a tender offer for several issues of its existing bonds.

In the secondary market, traders saw relatively active dealings in some of the recently priced new issues, including Sally Beauty Holdings, Inc., LifePoint Health, Inc. and Equinix, Inc.

There was also movement in TerraForm Power Inc.’s recently beleaguered bonds, which moved up after parent company SunEdison Inc. announced a management shake-up.

Statistical measures of junk market performance turned lower on Monday after having been mixed on Friday. Monday’s was the second lower session in the last three.

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