Shea Homes two-parter, Surgical Care, GFL deals price; Valeant up on Endo bid for Salix

By Paul A. Harris and Paul Deckelman

New York, March 11 – The high-yield primary sphere continued to churn out new deals on Wednesday, with three issuers bringing four tranches of new dollar-denominated, fully junk-rated paper to market totaling $1.25 billion, all of it in regularly scheduled forward calendar issues.

Shea Homes LP priced a $750 million two-part issue consisting of eight- and 10-year notes, which firmed slightly from their issue price when they hit the aftermarket.

The market also saw a pair of $250 million transactions.

GFL Environmental Inc. did an offering of five-year notes, while Surgical Care Affiliates Inc. priced an issue of eight-year paper, with the latter bonds moving up a little in the secondary.

Traders reported active dealings in Tuesday’s offerings from KCG Holdings, Inc. and Tronox Ltd. as well as Monday’s issue from Crestwood Midstream Partners LP.

But the busiest name of the day, they said, was from Valeant Pharmaceuticals International, Inc., whose eight-year notes rose solidly after sector rival Endo International plc came in with a surprise bid for Salix Pharmaceuticals Ltd., which Valeant is also trying to acquire.

Statistical indicators of junk market performance turned mixed on Wednesday after having been lower across the board for the previous three sessions and for five sessions out of the previous six.

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