U.S. Steel prices $650 million; new Valeant dominates secondary; recent Frontier active

By James McCandless and Paul A. Harris

San Antonio, March 13 – In Tuesday's high-yield primary market United States Steel Corp. priced $650 million of eight-year senior notes, while the secondary market was dominated by volume favorites, with newer issues taking up most of the space.

Monday’s new eight-year senior unsecured notes from Valeant Pharmaceuticals International, Inc. took up a majority of the day’s volume.

Last Thursday’s new issue from Frontier Communications Corp., consisting of $400 million in seven-year senior secured second priority notes, continued its heavy volume.

The recent $1 billion pricing from Sprint Corp. continued to add volume on Tuesday.

Heavy trading was seen again in Intelsat SA and Northern Oil and Gas, Inc.

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