Downsized First Quality, upsized Carrols price; new Intelsat, Surgery Partners bonds off

By Paul Deckelman

New York, June 20 – The high yield primary market saw a pair of new deals totaling $475 million having priced on Tuesday – well down from the nearly $1.9 billion which gotten done on Monday’s watch.

First Quality Finance Co., Inc., a maker of paper-based personal-care products, brought a downsized $400 million of new eight-year notes to market.

Carrols Restaurant Group, Inc., a fast-food restaurant franchise operator, did an upsized $75 million add-on to its existing 8% senior secured notes due 2022.

Monday’s megadeal-sized offering of new eight-year notes from satellite communications company Intelsat Jackson Holdings SA racked up some stratospheric, almost out-of-this world sort of volume figures on Tuesday – but after some initial firmness, ended up retreating and ending lower on the day.

Traders said the new Surgery Partners, Inc.’s eight-year notes, which priced on Monday, were also very actively traded, but went home lower on the day.

Energy issues like California Resources Corp. and Halcon Resources Inc. moved lower in line with yet another plunge in world crude oil prices.

Statistical market performance measures turned lower across the board on Tuesday after having been mostly better on Monday. That, in turn had followed having been lower all around both last Thursday and again on Friday.

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