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Upsized Micron, Charter price, Western Digital off on Seagate numbers; funds gain $85 million
By Paul Deckelman and Paul A. Harris
New York, April 14 – The high-yield primary market saw a pair of new deals on Thursday, although only one of them, strictly speaking, is fully a junk bond.
That would be Charter Communications, Inc.’s $300 million fungible add-on via a pair of subsidiaries to the $1.2 billion 10-year offering that the cable and broadband service provider brought to market just a week ago.
The day’s other deal – high-tech manufacturer Micron Technology, Inc.’s upsized $1.2 billion of 6˝-year secured notes – priced with investment-grade ratings and covenants, but will be traded off high-yield desks, a market source said. Those new bonds were quoted higher.
But the busiest credits of the day, easily, were the twin halves of Western Digital Corp.’s big two-part offering that priced at the end of March; traders said the both tranches of the computer hard-disk drive manufacturer’s deal got hammered down after high-tech rival Seagate Technology reported preliminary earnings that were below its earlier guidance due to weak demand for its disk drives in servers and personal computers.
Statistical market performance measures were higher across the board for a fifth straight session on Thursday, their sixth rise in the last seven trading days.
Another numerical indicator – flows of investor cash into or out of high-yield mutual funds and exchange-traded funds, considered a reliable barometer of overall junk market liquidity trends – posted its second consecutive net inflow this week. Some $84.6 million came into those funds during the latest reporting week.
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