Upsized Telenet megadeal, PQ price, new PQ firms; Tuesday deals active

By Paul Deckelman and Paul A. Harris

New York, Nov. 29 – It was another busy session in the high-yield primary arena on Wednesday, as some $1.3 billion of new dollar-denominated and fully junk-rated paper was priced in two tranches – although that was down from the blistering pace seen on Tuesday, when $3.7 billion from four issuers gut done in six tranches.

European telecommunications company Telenet Group had the big deal of the day – an upsized $1 billion of 10.25-year notes, which priced off the forward calendar and were seen having firmed slightly from their issue price when they reached the aftermarket.

Domestic chemical manufacturer PQ Corp. brought a quickly shopped $300 million of seven-year notes to market.

That well-received offering firmed smartly in active trading when it was freed for secondary market dealings.

The day also saw a sizable split-rated offering, from Irish building products producer James Hardie Industries plc.

Traders meantime said that there was considerable activity in the deals that had come to market during Tuesday’s intense session, including the two-part offerings from Endeavor Energy Resources, LP – Wednesday’s volume leader – and TerraForm Power Operating, LLC, as well as the single-tranche transaction from Post Holdings, Inc. The recently priced offerings from Starwood Property Trust, Inc. and Bombardier, Inc. were also busy.

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