Upsized Pilgrim’s Pride prices; new Beazer, Seven Generations, Avantor busy; steel better

By Paul Deckelman and Paul A. Harris

New York, Sept. 26 – The high-yield primary market was quieter on Tuesday, with just a single U.S.-dollar, fully junk-rated deal heard by syndicate sources to have priced – poultry producer Pilgrim’s Pride Corp.’s upsized $850 million two-part offerings, consisting of an add-on to the company’s existing $500 million of notes due in March of 2025, as well as a brand-new tranche of 10-year paper.

Tuesday’s single deal stood in contrast to Monday, which had seen four separate issuers each bringing a single-tranche deal to market, generating nearly $1.38 billion of new paper, according to data compiled by Prospect News.

Among those Monday deals, traders saw robust trading volume in the new 10-year notes from builder Beazer Homes USA, Inc. – Junkbondland’s busiest credit of the day – and oil and natural gas producer Seven Generations Energy Ltd. There was also a fair amount of activity in Friday’s big two-part deal from Avantor, Inc.

Away from newly priced or recent offerings, traders reported that United States Steel Corp.’s bonds were better in busy dealings amid several news developments from the giant metals manufacturer.

They saw wireline telecommunications names such as Frontier Communications Corp. and Windstream Holdings, Inc. doing better – the latter credit firming even after the company reported having received a default notice from one of its bonds holders.

But energy names like California Resources Corp. were off, against a backdrop of lower crude oil prices.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.