Upsized Springleaf issue prices, existing bonds better; new CDW notes hold around issue price

By Paul Deckelman and Paul A. Harris

New York, Nov. 25 – Springleaf Holdings, Inc. priced a quickly shopped, upsized $700 million offering of five-year notes on Tuesday in the junk bond market’s sole U.S.-dollar-denominated pricing.

Traders did not see any immediate aftermarket dealings in the consumer finance company’s new deal.

However, they reported that its existing 2017 bonds – some of which will be taken out using the new-deal proceeds – were firmer on the session.

With no other U.S. dollar issues pricing – several, such as EnTrans International LLC and Parq Resort and Casino remain on the forward calendar but aren’t expected to price this week – market participants noted DHX Media Ltd.’s upsized C$175 million seven-year issue that priced during the session.

Secondary market sources saw Monday’s 10-year offering from CDW Finance/CDW LLC holding steady right around its par issue price.

Monday’s other deal – from Tibco Software Inc. – was also seen trading around its heavily discounted issue price.

But other recent deals like MGM Resorts International, KLX Inc. and HD Supply Holdings, Inc. were seen keeping the robust aftermarket gains they have notched.

Post Holdings Inc.’s bonds were better, even though the food products company’s quarterly loss expanded from year-ago levels, while its debt rose sharply as a result of multiple acquisitions.

Statistical market-performance measures turned mixed – though barely – after having been higher across the board two straight sessions before that.

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