Taylor Morrison, Norbord, McGraw-Hill, Sabre price to open April; Samson, Fortescue slide

By Paul A. Harris and Paul Deckelman

New York, April 1 – Wednesday may have been the first day of April – but there was no foolin’ around in Junkbondland, as the primary arena saw a busy new-deal session, according to syndicate sources.

They reported that four issuers came to market with single-tranche deals totaling $1,295,000,000 of new dollar-denominated, fully junk-rated paper.

Sabre GLBL Inc. priced $530 million of secured eight-year notes via a financing subsidiary, and Taylor Morrison Home Corp. brought $350 million of eight-year notes to market via a pair of subsidiaries.

Norbord Inc. did $315 million of new eight-year secured notes.

And the parent entity of McGraw-Hill Global Education Intermediate Holdings LLC priced a $100 million add-on to its existing notes.

Taylor Morrison, Sabre and McGraw-Hill were all seen to have moved up in initial aftermarket dealings.

Away from the new deals, much of the market’s focus was on what could be considered distressed energy and natural resources names.

These included Samson Investment Co., whose bonds slid badly in heavy trading. That drop came against a backdrop of another cut in its credit ratings.

Fortescue Metals Group Ltd. and Cliffs Natural Resources Inc. were being beaten up as iron ore prices hit their lowest levels in a decade, while most coal-mining names, other than Alpha Natural Resources Inc., were also getting buried.

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