NFP prices add-on; Standard does a split-rate; recent Valeant again firms; Algeco up

By Paul Deckelman and Paul A. Harris

New York, Dec. 11 – Activity in the recently red-hot high-yield primary market was cooler on Monday, with syndicate sources reporting just one small truly junk bond deal having priced by the session’s end, in contrast to last week, which saw several sessions of multi-billion-dollar issuance.

Insurance brokerage company NFP Corp. had the day’s sole dollar-denominated and fully junk-rated deal – an upsized $150 million add-on to its existing $500 million July 2025 notes, which the company had sold earlier in the year.

Away from that lone deal, the sources said that diversified holding company Standard Industries Inc. priced an upsized $900 million split-rated issue of 10-year notes.

Both of those deals were opportunistically timed and quickly shopped drive-by transactions.

The sources further heard that toymaker Mattel, Inc. – a newly fallen angel – was shopping a $1 billion eight-year deal around to potential investors, with pricing anticipated this week.

Secondary market traders meantime saw continued very active trading, at better levels, in Canadian drug manufacturer Valeant Pharmaceuticals International, Inc.’s recently priced eight-year megadeal.

Apart from new or recently priced names, Algeco Scotsman Global Finance plc’s 2019 notes shot up nearly 10 points in busy dealings on news that the maker of portable storage units and modular structures lined up a new debt package to refinance its existing capital structure.

© 2015 Prospect News.
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