Giant-sized Avolon, Radiate, Pattern deals price to cap $8.5 billion week; Avolon moves up

By Paul Deckelman and Paul A. Harris

New York, Jan. 20 – The high-yield primary arena ended the week on a high note on Friday as three new deals totaling $3.75 billion priced, all of them regularly scheduled forward calendar transactions.

Syndicate sources said that among them was aircraft leasing company Avolon Holdings Ltd.’s $3 billion two-part offering of 5.5-year notes and seven-year notes, which was not only easily the biggest new issue of the year so far but in fact the biggest junk deal seen since last June.

Besides that giant-sized offering, the sources said that Radiate Holdco, LLC priced $400 million of eight-year notes which will help to finance the acquisition of cable and broadband provider RCN Telecom Services LLC.

And Pattern Energy Group, Inc. did a $350 million seven-year deal.

Those deals brought the week’s total of new U.S. dollar-denominated and fully junk-rated paper from domestic and industrialized-country borrowers to $8.47 billion, up slightly from last week’s total.

In the secondary arena, traders saw considerable activity in the new Avolon and Radiate offerings, with Avolon’s bonds in particular seen firming smartly in heavy trading.

Statistical market performance measures turned mixed on Friday after being lower across the board on Thursday. It was the indicators’ second mixed session in the last three trading days.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.