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Standard Industries, Constellium, American Greetings, Harland price; funds up $413 million
By Paul Deckelman and Paul A. Harris
New York, Feb. 2 – The high-yield primary market saw its second consecutive busy session on Thursday, making it two-for-two in February so far.
Netherlands-based aluminum products supplier Constellium NV had the day’s big deal, an upsized $650 million of eight-year notes that priced after a roadshow.
Also upsizing was greeting-card maker American Greetings Corp.’s $400 million of eight-year notes and check products supplier Harland Clarke Holdings Corp.’s $350 million of 5.5-year secured paper, both of which also came off the forward calendar.
Roofing materials manufacturer Standard Industries Inc.’s $500 million of 10-year notes, in contrast, was not upsized and was a quick-to-market transaction.
The sources also heard that liquid natural gas carrier Golar LNG Partners LP priced a $250 million 4.5-year floating-rate issue.
Secondary market traders said that the new American Greetings paper moved up by more than 1 point, while the Harland Clarke and Constellium deals were also quoted higher.
Away from the new deals, oilfield services firm Weatherford International’s bonds rose after the company reported better revenues and a smaller year-over-year loss and unveiled a debt-cutting strategy.
Statistical market performance measures were trending higher for a second straight session on Thursday.
High-yield mutual funds and exchange-traded funds got back in the black in the latest reporting week after two outflows, according to data released on Thursday, as $413 million more came into those weekly reporting-only domestic funds than left them.
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