No dollar pricings, though BWAY hits road, EnPro slates; new Kraton, First Quantum busy

By Paul Deckelman and Paul A. Harris

New York, March 20 – The high-yield primary market quieted down on Monday to begin the new week, with no pricings of U.S. dollar-denominated and fully junk-rated issues heard by syndicate sources to have taken place during the session, in contrast to the $1.45 billion of such paper that got done on Friday in four single-tranche deals from domestic or industrialized-country borrowers.

However, the syndicate sources said that metal and plastic container company BWAY Holding Co. began marketing its $2.63 billion two-part junk offering of seven- and eight-year notes to investors via a roadshow process.

They also said that EnPro Industries, Inc., a manufacturer of industrial products such as diesel engines, pump and compressor components, bearing systems and tractor-trailer truck steering, suspension and braking components, began shopping around a $150 million add-on to its existing 2022 notes.

The European unit of U.S.-based packaging company Owens-Illinois Group Inc. priced a quickly shopped and upsized add-on to its existing euro-denominated 2024 notes.

Back in the dollar market, traders saw some activity among the deals that had priced last week, including Friday’s offering of eight-year notes from chemical manufacturer Kraton Corp. and Thursday’s issues from industrial and precious metals mining concern First Quantum Minerals Ltd. and from AK Steel Holding Corp. All three were seen lower, in line with a generally easier overall market.

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