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Morning Commentary: Active calendar dwindles to one deal; post-Labor Day pipeline takes shape
By Paul A. Harris
Portland, Ore., Aug. 15 – Sails are luffed as the high-yield bond primary market enters the Dog Days of August.
The active new issue calendar contains a single deal.
Rooster Energy Ltd. continues to market its $100 million offering of five-year senior secured notes (Caa1/CCC+), according to an informed source.
The deal, in the market via bookrunner Imperial Capital, is expected to price near the end of August, an informed source said on Friday.
In the pipeline
The post-Labor Day pipeline is expected to be robust, according to a buyside source.
The parade of expected deals includes Dollar Tree, Inc. with $2.8 billion of senior notes backing the acquisition of Family Dollar Stores, Inc. Syndicate names should include JPMorgan, Wells Fargo, BofA Merrill Lynch, RBC and U.S. Bancorp.
Also Scientific Games Corp. is expected to bring $3.45 billion of notes to fund the acquisition of Bally Technologies Inc.
The deal is expected to include $750 million senior secured notes, $2.2 billion eight-year senior unsecured notes and $500 million 10-year senior unsecured notes.
Underwriter names are expected to include Bank of America Merrill Lynch, JPMorgan and Deutsche Bank.
Charter Communications, which is in the process of acquiring customers and systems from Comcast Corp., is expected to show up with a bond deal post-Labor Day, according to a buyside source.
Charter is now in the loan market with a $3.5 billion seven-year first-lien term loan G via Goldman Sachs, BofA Merrill Lynch, Credit Suisse and Deutsche Bank.
Also expected to show up is Pike Corp., with bonds backing the acquisition of the company by Court Square Capital Partners. JPMorgan, KeyBanc and SunTrust are leading the company’s $540 million credit facility.
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