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Upsized MGM Resorts, Woodside Homes add-on price; tender boosts Cliffs Natural Resources
By Paul Deckelman and Paul A. Harris
New York, Nov. 20 – The high-yield primary sphere had its second straight moderately busy session on Thursday, with syndicate sources reporting that $1.18 billion of new junk bonds came to market in two quickly shopped tranches.
On Wednesday, $1.68 billion of new junk-rated, dollar-denominated paper priced in three tranches, also drive-by deals.
That activity pace had slackened off from the busier pace seen in the three sessions before that, when a total of $9.5 billion of high-yield deals were executed.
Gaming giant MGM Resorts International accounted for most of Thursday’s total with an upsized $1.15 billion issue of 8.25-year notes.
Builder Woodside Homes Co., LLC added a slightly upsized $35 million add-on to its existing 2021 notes.
Traders did not see an initial aftermarket activity in either credit.
However, they did see intense dealings in Wednesday’s $1.25 billion of seven-year secured notes from facilities maintenance and building supplies distributor HD Supply Holdings, Inc., easily the busiest issue of the day in Junkbondland.
Apart from the deals that have already priced, syndicate sources were hearing price talk on a trio of offerings that are expected to price on Friday – a $1.2 billion offering from KLX, Inc. and smaller issues from EnTrans International, LLC and Parq Resort & Casino.
Outside of the new deal realm, Cliffs Natural Resources Inc. was among the session’s busiest names, with the coal and iron ore producer’s recently volatile bonds seen up sharply in heavy trading on news the company is tendering for some of that paper.
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