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Two-part Micron Technology deal drives by to open week; calendar builds, Charter up
By Paul A. Harris and Paul Deckelman
New York, April 27 – The high-yield primary sphere opened the new week on a relatively quiet note on Monday in terms of issues pricing, with just one transaction completed by the close.
Semiconductor manufacturer Micron Technology, Inc. priced a quickly shopped two-part offering of 8.75- and 10.75-year senior notes, with one tranche upsized and the other downsized, for a total of $1 billion of new junk-rated, dollar-denominated paper.
That was something of a comedown after Friday’s session, when $4.31 billion of bonds had come to market in five sessions – although most of that issuance was attributable to just one giant-sized deal, from German auto parts manufacturer ZF Friedrichshafen AG.
But Monday’s primary still generated a considerable volume of other news anyway, with Quicken Loans, Inc. and Extended Stay America, Inc. hitting the road to market new issues. High yield syndicate sources also heard of a re-marketing of Global Cash Access Inc.’s 10% notes due 2022.
The euro-denominated market forward calendar was also building, with upcoming offerings from Crown European Holdings SA and Cirsa Funding Luxembourg, SA.
Among recently priced deals, Charter Communications, Inc.’s multi-part offering was seen solidly higher, in the wake of the demise of rival cable operators Comcast Corp. and Time-Warner Cable Inc.’s planned $45 billion merger, a development which re-opens the door for a possible combination of Charter and Time Warner.
Statistical measures of secondary market performance turned mixed on Monday after having been higher on Friday, the third mixed day in the last four sessions.
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