Sirius, upsized NXP and Vereit megadeals total $3.75 billion; new Sirius trades actively

By Paul Deckelman and Paul A. Harris

New York, May 18 – The big deals took over the high-yield primary market on Wednesday as issuers priced three offerings of at least $1 billion, accounting for all of the day’s new-deal activity.

By the time the dust had settled, a total of $3.75 billion of new dollar-denominated and fully junk-rated paper had come to market in five tranches from domestic or industrialized-country issuers.

According to data compiled by Prospect News, Wednesday’s new-issue volume was the third-biggest of any session so far this year.

Wednesday’s big deal came from NXP BV, which priced an upsized, quick-to-market $1.75 billion of paper in two tranches of five years and seven years.

Vereit, Inc. also did an upsized two-part deal as a regularly scheduled forward calendar offering consisting of $1 billion of five- and 10-year notes.

Sirius XM Holdings, Inc. drove by with a $1 billion single-tranche 10-year transaction.

In the secondary market, traders saw active dealings in the new Sirius XM paper, which had priced earlier in the session than the other two offerings, but the new bonds were anchored right around their issue price.

There was also brisk volume in Tuesday’s split-rated six-year issue from Irish aircraft-leasing company AerCap Holdings NV as well as recent purely junk-rated deals from the likes of Aramark Services, Inc., Cheniere Corpus Christi Holdings, LLC, HanesBrands, Inc. and, going back a little further, Western Digital Corp.

© 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.