TTM, Wabash, SemGroup, Wild Horse cap nearly $12.4 billion week; Toys tumbles anew

By Paul Deckelman and Paul A. Harris

New York, Sept. 15 – The high-yield primary sphere finished out one of its biggest weeks ever with a flourish, as four issuers brought a total of $1.15 billion of new dollar-denominated and fully junk-rated paper to market in four tranches.

That capped a week which saw more than $12 billion get done in two-dozen tranches, according to data compiled by Prospect News – the second-heaviest new-issue week so far this year.

High-tech manufacturer TTM Technologies, Inc. priced $375 million of eight-year notes while diversified industrial manufacturer Wabash National Corp. also did an eight-year deal, weighing in at $325 million.

Midstream energy company SemGroup Corp. priced $300 million of 8.5-year securities.

Also out of the energy patch, oil and gas exploration and production operator WildHorse Resource Development Corp. did a quick-to-market $150 million add-on to its existing 2025 notes.

Away from the new deals, traders noted a renewed slide in Toys ‘R’ Us, Inc. bonds on new talk of a possible Chapter 11 filing down the road and vendor reluctance to ship to the retailer.

Statistical market performance measures were mixed for a second consecutive session on Friday.

For the week, the indicators were up across the board from where they had finished last Friday, Sept. 8, after having been mixed that week.

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