Intelsat dominates trading; PHI recoups losses; Valeant Pharmaceuticals active

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 20 – While no new paper priced on Wednesday, dealers set the stage for a busy finish to the June 18 week.

Energizer Holdings Inc. set tight-to-guidance price talk in its $1.25 billion equivalent two-part offering of eight-year senior notes (B2/BB-).

Copenhagen-based TDC A/S set price talk in its €1.4 billion equivalent two-part offering of five-year senior notes.

Teekay Offshore Partners LP, PHI, Inc. and Baffinland Iron Mines Corp. are set to price dollar-denominated deals before the week comes to a close.

Cirsa Gaming Corp. SA is on deck with a €1.56 billion equivalent dollar/euro three-part seven-year senior secured notes offer (B2/expected B+) and International Game Technology plc plans to price a €500 million offering of senior secured notes.

Meanwhile, Intelsat Luxembourg SA’s 8 1/8% senior notes due 2023 dominated trading activity in the secondary space with the notes climbing more than 4 points.

The company’s stock and convertible bond also soared with anticipated approval from the Federal Communications Commission for the satellite service provider’s C-band proposal.

PHI Inc.’s 5¼% senior notes due 2019 recouped their losses from Tuesday with the notes up more than 2 points as the company’s roadshow for a new $500 million offering of senior secured notes came to an end.

Valeant Pharmaceuticals International, Inc.’s 9% senior notes due 2025 were also active in the secondary space and up slightly as the company prepares to redeem four series of notes.

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