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Beazer brings add-on, Alliance One, Virgin Australia slate; Caesars up on bankruptcy deal
By Paul Deckelman and Paul A. Harris
New York, Sept. 27 – The high yield primary market remained mostly quiet on Tuesday, although syndicate sources did report a pricing on one small deal – a quickly shopped $100 million add-on by Beazer Homes USA, Inc. to the 5.5-year issue that the builder had sold in Junkbondland less than three weeks ago.
Traders said those bonds subsequently resumed trading at the level where they had previously been – somewhat above the new deal’s issue price.
Sources meantime heard of two more prospective issues having hit the road for marketing – tobacco-seller Alliance International, Inc.’s $275 million of 4.5-year secured paper and Down Under airline operator Virgin Australia Holdings Ltd.’s U.S.-dollar-denominated five-year issue, the size of which is still to be determined.
Among recently priced new deals, Alcoa, Inc.’s two-part offering of eight and 10-year notes were again among the busiest bonds on the day.
There was also a fair amount of activity in last week’s 10-year secured issue from Dutch cable and telecommunications operator Ziggo Holding BV
Away from the new or recently priced deals, Caesars Entertainment Corp.’s bonds were seen mostly better on the news that the giant gaming company and its “major creditor groups” had reached a deal on a restructuring agreement that would improve the recovery for second-lien noteholders of its bankrupt Caesars Entertainment Operating Co. unit.
Statistical market performance measures remained mixed on Tuesday, their third straight mixed session and their fourth in the last six trading days.
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