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Upsized Restaurant Brands megadeal, Triumph and WPX price; new Dynegy busy; Valeant jumps
By Paul Deckelman and Paul A. Harris
New York, Aug. 8 – It was another busy day in Junkbondland on Tuesday, with high-yield syndicate sources seeing a trio of issuers bring $1.95 billion of new dollar-denominated paper to market, on top of the $2.15 billion which had priced on Monday, also in three tranches.
Fast-food eatery operator Restaurant Brands International Inc. had the big deal of the day – an upsized, quick-to-market $1.3 billion offering of secured eight-year notes.
Triumph Group, Inc., a maker of aircraft structures and components, did a regularly scheduled $500 million eight-year forward calendar offering.
Natural gas and oil exploration and production operator WPX Energy, Inc. priced a quickly shopped $150 million add-on to its existing $500 million of 2024 notes.
Traders reported active aftermarket dealings in the new Restaurant Brands and Triumph issues, with not much price movement in the former but solid gains in the latter.
They also saw considerable activity in other recently priced issues, with Monday’s big deal from power generator Dynegy Inc. as the single busiest issue. Monday’s other two new deals, from Genesis Energy LP and Post Holdings, Inc., were also among the day’s Most Active credits, along with names from last week such as Charter Communications, Inc. and Murphy Oil, Inc.
Away from the new deals, Canadian drugmaker Valeant Pharmaceuticals International, Inc.’s bonds were solidly higher across that company’s capital structure, after it reported favorable quarterly results, including continued progress in trying to cut its sizable debt load.
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