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Foundation Building Materials, Axalta, upsized MGIC deals price; new MSCI, SBA deals busy
By Paul Deckelman and Paul A. Harris
New York, Aug. 2 – Pricing activity picked up in the high yield market on Tuesday as a trio of regularly scheduled forward calendar offerings totaling some $1.5 billion of new fully junk-rated, dollar denominated paper got done.
Foundation Building Materials, LLC, whose offering had first surfaced in the market around the middle of last week, priced $575 million of five-year secured notes.
Paint, varnish and sealant manufacturer Axalta Coating Systems Ltd. did $500 million of eight-year notes as part of an $875 million equivalent dual-currency offering first announced on Monday, that also included a tranche of eight-year euro denominated paper.
Mortgage insurer MGIC Investment Corp. came to market with an upsized $425 million offering of seven-year notes, another deal that had been announced on Monday and then shopped around overnight.
Traders quoted the latter notes solidly higher in initial aftermarket dealings.
Also in the aftermarket, the traders said that the two drive-by deals which had priced on Monday – wireless antenna tower operator SBA Communications Corp.’s upsized $1.1 billion of eight-year notes and financial research and analytics company MSCI Inc.’s upsized $500 million of 10-year notes were easily the day’s busiest issues in Junkbondland, with both trading near their respective pricing levels.
Away from the deals that have priced, primaryside players saw U.S. government contractor company Engility Corp. starting a roadshow for its $380 million offering of eight-year notes, which are expected to price at the end of the week.
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