Ardagh megadeal, TransDigm drive by cap $4 billion week, new bonds rise; Thursday deals busy

By Paul Deckelman and Paul A. Harris

New York, Feb. 24 – The high-yield primary sphere had a second relatively busy day in a row on Friday, with a pair of issuers bringing three quickly shopped tranches totaling $1.72 billion of new U.S. dollar-denominated and fully junk-rated paper to market.

Irish glass and metals packaging producer Ardagh Group brought an upsized $1.42 billion of new notes in two tranches: a $700 million add-on to the company’s existing 2025 notes as well as an upsized $715 million stand-alone issue of new 5.5-year paper. Ardagh also brought a euro-denominated seven-year secured tranche.

Traders said both of the dollar tranches firmed when they hit the aftermarket.

The day’s other deal came from aircraft components manufacturer TransDigm Inc., which priced a $300 million add-on to its subordinated 2025 notes. That paper was also quoted up a little later on in the day.

The two deals closed out a $4.13 billion primary week, according to data compiled by Prospect News.

Traders meantime saw active volume on the two deals which came to market on Thursday from CDW Corp. and Viacom Inc.

Statistical market performance measures were mixed for a second consecutive session on Friday; they had turned mixed on Thursday, after being higher across the board on Tuesday and again on Wednesday.

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