West megadeal, NuvoTV, Wave Division offerings price; Valeant plans massive deal

By Paul Deckelman and Paul A. Harris

New York, June 18 – The high-yield primary sphere continued to churn out new deals on Wednesday, with syndicate sources hearing that some $1.42 billion of new dollar-denominated, junk-rated paper had come to market in three tranches.

West Corp. priced a $1 billion regularly scheduled forward calendar offering of eight-year notes that priced fairly early in the session, but which was seen having struggled a little in the aftermarket.

NUVOtv brought an upsized $240 million of five-year secured notes to market off the forward calendar; that paper was seen having firmed when it hit the aftermarket.

Wave Division Holdings LLC did an upsized $175 million of five-year PIK toggle notes, which were also quoted solidly higher when they moved into secondary trading.

Sources also heard that Valeant Pharmaceuticals International Inc. was getting ready to shop a giant $12.35 billion bond deal around to investors as part of the financing for its prospective acquisition of sector peer Allergan Inc.

Among recently priced deals, All Aboard Florida’s five-year PIK notes chugged higher on Wednesday after having hung around their issue price in initial aftermarket dealings on Tuesday.

But SBA Communications Corp.’s notes were little moved from their Tuesday pricing level.

Overall, statistical indicators of junk market performance were mixed on Wednesday for a sixth consecutive session.

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