Ally, Univision megadeals lead $3.9 billion pricing parade; big Wynn deal on tap

By Paul A. Harris and Paul Deckelman

New York, Feb. 10 – The junk bond juggernaut rolled on during Tuesday’s session – the third straight day that over $3 billion of new dollar-denominated, fully high-yield-rated paper came to market and priced.

That hefty chunk of new bonds, totaling $3.89 billion, followed Monday’s new issuance of $4.69 billion as well as the $3.55 billion that got done on Friday.

Wednesday’s activity was paced by a pair of $1.25 billion offerings – drive-by deals from Ally Financial Inc. and Univision Communications Inc., the latter a greatly upsized two-part transaction.

They were joined by several other quick-to-market issues: $250 million from Suburban Propane Partners, LP and its financing subsidiary as well as an $85 million add-on to the existing bonds of Coveris Holdings SA, the former Exopack Holdings SA.

There was also a pair of regularly scheduled forward calendar deals: $805 million from American Tire Distributors, Inc. and a slightly upsized $250 million from Cogent Communications Holdings, Inc.

And Wednesday is also expected to be busy, with Wynn Las Vegas LLC and a financing unit set to bring a $1.75 billion 10-year deal to market on Wednesday.

Among recently priced deals, there was heavy trading in Monday’s issues from Citgo Petroleum Corp. and Gtech SBA.

Statistical market performance indicators were higher across the board Tuesday after having been mixed over the previous two sessions.

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