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Upsized, restructured Hexion prices, also Nielsen and Atotech deals; new Hexion paper heads higher
By Paul Deckelman and Paul A. Harris
New York, Jan. 25 – The high yield primary sphere broke the $1 billion barrier for the first time this week on Wednesday, after having racked up more modest new-issuance totals on both Monday and Tuesday.
Syndicate sources said that some $1.64 billion of new U.S. dollar-denominated and fully junk-rated paper had been priced during the session in four tranches brought by three domestic or industrialized-country borrowers.
That represented a pickup over the $775 million of such paper which had gotten done in three tranches on Monday, and Tuesday’s $475 million in two tranches.
Specialty chemical maker Hexion Inc. had the big deal of the day – an upsized $710 million of secured paper, split into two tranches – $510 million of five-year first-lien secured paper, and $225 million of five-year 1.5-lien notes.
Traders saw very brisk aftermarket dealings in the new Hexion paper, which rose smartly in secondary dealings. Several of the company’s existing issues were also seen higher.
German chemicals maker Atotech BV priced $425 million of eight-year notes, which also firmed in the secondary.
Television ratings and performance-management company Nielsen Holdings plc had the day’s lone quick-to-market offering – $500 million of eight-year notes that made their debut late in the session.
Statistical market performance measures were higher across the board for a second consecutive session on Wednesday. They had turned better on Tuesday after having been lower all around on Monday and mixed on Friday. It was the indicators’ third higher session in the last eight trading days.
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