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IMS, Allison bring upsized megadeals; new IMS jumps; market awaits Great Western, Inmarsat
By Paul Deckelman and Paul A. Harris
New York, Sept. 14 – The high-yield primary market priced slightly over $2 billion of new dollar-denominated and fully junk-rated paper from a pair of issuers on Wednesday, syndicate sources said.
IMS Health, Inc., a provider of information technology services to the health-care industry, came to market with an upsized $1.05 billion of new 10-year notes as part of a two-tranche, upsized $1.75 billion equivalent regularly scheduled forward calendar transaction that also included a tranche of eight-year euro-denominated notes.
Traders saw those new bonds firm smartly when they hit the aftermarket.
The session also saw a quickly shopped and upsized $1 billion of eight-year paper from automotive transmission manufacturer Allison Transmission, Inc.
Traders reported little or no immediate aftermarket activity in the latter deal, which priced later in the day than IMS did.
Elsewhere in the primary market, syndicate sources were tabbing two prospective offerings as likely to price on Thursday: energy exploration and production company Great Western Petroleum LLC’s $300 million five-year deal and satellite communications company Inmarsat plc’s $400 million of eight-year notes.
Secondary market participants meantime saw brisk activity in some of the recently priced new issues, including Tuesday’s deal from medical products maker Acelity LP Inc., Monday’s offering from PDC Energy, Inc. and Friday’s transaction from Cablevision Systems Corp.
Statistical market performance measures were lower across the board on Wednesday for a second straight session.
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