Multi-Color delayed; DriveTime, Michaels Stores, Sirius Computer on tap; Sprint in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 17 – While no new deals priced on Monday, the domestic high-yield primary market was active with four deals joining the forward calendar.

Multi-Color’s two-tranche senior notes offering was revised with price talk widened on Monday.

However, pricing, which was initially expected last Friday, was again delayed with the unsecured tranche experiencing some pushback.

The deal is now expected to price on Tuesday when DriveTime Automotive Group, Inc. is also expected to price a $350 million offering of seven-year senior secured notes (expected ratings B3/B-).

Michaels Stores, Inc. began a brief roadshow for a $500 million offering of eight-year senior notes (B1/B).

Sirius Computer Solutions, Inc. plans to start a roadshow on Wednesday for a $300 million offering of eight-year senior notes (Caa1/CCC+).

Alpha Auto Group is also expected to price $225 million of five-year notes during the June 17 week.

Meanwhile, the secondary space was quiet on Monday with light trading volume as last week’s deals faded from focus.

Sprint Corp.’s junk bonds were active on news the Department of Justice’s decision regarding the wireless network provider’s merger with T-Mobile was near at hand.

While some of Sprint’s issues posted gains on Monday, the most active issue in the capital structure was flat.

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