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Vulcan drives by; new Valeant bonds busy as Endo gives up on Salix; energy slide continues
By Paul A. Harris and Paul Deckelman
New York, March 16 – After Friday’s breathtakingly huge new-deal volume approaching the $9 billion mark, it was virtually inevitable that Monday’s session would be an anticlimax – and so it was.
Just one deal worth $400 million of dollar-denominated, fully junk rated 10-year notes came to market in a quickly-shopped transaction from Vulcan Materials Co., a Birmingham, Ala.-based construction materials producer. The new notes firmed slightly in busy initial aftermarket trading.
But as was the case during Friday, the three parts of Valeant Pharmaceuticals International Inc.’s giant-sized new offering were the most heavily traded Junkbondland credits of the day.
The Canadian drug manufacturer’s new five-, eight- and 10-year notes were seen unchanged to a little higher on the day, against a backdrop of big news in the company’s efforts to acquire Salix Pharmaceuticals Ltd. Valeant announced a sweetened all-cash bid for Salix, causing rival suitor Endo International plc to throw in the towel and withdraw its own takeover offer for Salix.
Away from the Valeant saga, there was also some activity in recently priced issues from United Rentals Inc., Energy XXI Gulf Coast, Inc. and Comstock Resources, Inc. The latter two names fell sharply, in line with the overall continued retreat of energy credits including California Resources Corp. and MidStates Petroleum Co. Inc. on another decline in crude oil prices.
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