Post-holiday primary cooks with Zayo, Endo, HealthSouth drive-bys; new, recent deals busy

By Paul Deckelman and Paul A. Harris

New York, Jan. 20 – It was back to work in Junkbondland on Tuesday following Monday’s market close for the Martin Luther King Jr. Day holiday. Three deals totaling more than $2.3 billion got done, all of them opportunistically timed and quickly shopped drive-by transactions.

Endo International plc priced an upsized $1.2 billion offering of 10-year notes via several subsidiaries. It priced too late in the session for any initial aftermarket action, a trader said.

Zayo Group Holdings, Inc. brought a $700 million issue of 8-year notes to market via a pair of subsidiaries. The bonds saw brisk aftermarket action slightly below their issue price, traders said.

The day’s other deal – an upsized $400 million add-on to HealthSouth Corp.’s existing 2024 notes – moved up from their issue price in busy dealings.

There was also a fair amount of trading going on in some deals that priced last week, including issues from Valeant Pharmaceuticals International, Inc., Virgin Media, Inc. and Open Text Corp.

Traders said that new and recent deals mostly pushed existing bonds out of the spotlight, although here and there were exceptions, such as Caesars Entertainment Corp. and Bombardier Inc., both of which had been active last week on news developments, as well as California Resources Corp. and Linn Energy LLC.

Statistical indicators of junk market performance were meanwhile mixed for a fourth consecutive session.

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