SuperValu drive-by, Greystar, restructured Canbriam price; market quiet ahead of holiday

By Paul Deckelman and Paul A. Harris

New York, Nov. 10 – With a rare non-Monday holiday just ahead, the Veterans Day-shortened week in Junkbondland opened on Monday with the pricing of three deals totaling $850 million, high-yield syndicate sources said.

That was down from the $1.775 billion of new dollar-denominated and fully junk-rated paper that had come to market on Friday.

The biggest transaction was the $350 million drive-by deal from supermarket operator and wholesale grocery supplier SuperValu Inc., which priced an issue of eight-year notes. Secondary market traders quoted those bonds up nearly a point when they were freed for aftermarket dealings.

There was also a pair of $250 million issues that priced as regularly scheduled forward-calendar offerings: Greystar Real Estate Partners LLC’s eight-year senior secured notes and Canadian oil and gas exploration and production operator Canbriam Energy Inc.’s five-year notes. The latter pricing came after the deal was restructured, its original seven-year maturity shortened. Traders did not report any immediate aftermarket activity in either credit.

There was continued brisk aftermarket trading in several of the issues that had priced last week, including Friday’s $850 million two-part offering from packaging products manufacturer Sealed Air Corp. and Thursday’s $700 million two-parter from pharmaceutical services provider Omnicare Inc.

Away from the new deals, traders reported generally quiet activity, with some participants completely taking Monday off or leaving early ahead of Tuesday’s scheduled shutdown of fixed-income markets in the United States in observance of Veterans Day.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.