TI Automotive prices; Endo deal adds to gains; Valeant off on M&A; funds up $621 million

By Paul A. Harris and Paul Deckelman

New York, June 25 – TI Group Automotive Systems LLC brought a downsized $450 million offering of eight-year notes to market on Thursday, high-yield syndicate sources said. The new bonds traded around their issue price.

The syndicate sources also said that Summit Materials LLC, which had just visited the primary side on Tuesday with an upsized issue of eight-year notes, came back for seconds on Thursday, pricing a $25 million add-on to the “old” new bonds.

The day’s $475 million two-tranche tally of new junk-rated, dollar-denominated paper from domestic or industrialized-country borrowers was well down from the $2.14 billion that had come to market on Wednesday in three tranches, according to data compiled by Prospect News.

The big deal from Wednesday’s session, Endo International plc’s eight-year issue, was seen by traders having continued to move up in active aftermarket dealings on Thursday after having posted strong gains in initial secondary activity after their pricing.

Away from the primary arena, Valeant Pharmaceuticals International Inc.’s bonds eased against a backdrop of the Canadian drug manufacturer’s having reportedly offered to buy Zoetis Inc., a maker of animal health products.

Statistical indicators of junk market performance turned lower on Thursday after having been mixed on Wednesday.

But high-yield mutual funds and exchange-traded funds, considered key barometers of overall market liquidity trends, gained $621 million in the latest reporting week, their first upturn in three weeks.

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