Sabra REIT brings add-on deal; new Zebra bonds jump in heavy trading; McClatchy better

By Paul Deckelman and Paul A. Harris

New York, Oct. 1 – The high-yield market opened the year’s fourth and final quarter on Wednesday on a relatively quiet note, with just one smallish deal heard by syndicate sources to have come to market – a quickly shopped $150 million add-on from financing subsidiaries of Sabra Health Care REIT, Inc. to the Irvine, Calif.-based company’s existing 2021 notes.

That deal arrived too late in the session for any kind of secondary dealings.

But there was more than enough aftermarket action to go around from the big deal priced on Tuesday: Zebra Technologies Corp.’s downsized $1.05 billion of new eight-year notes. Traders said the notes were up several points from their issue price, with well over $100 million having changed hands.

Recently priced deals from the likes of Alcoa, Inc., AerCap Holdings NV, Burger King Worldwide, Inc. and WhiteWave Foods Co. were also seen trading actively.

Other than the issues that have already priced, new-deal players were anticipating Halyard Health, Inc.’s $250 million offering of eight-year paper, with pricing possible after order books are closed on Thursday.

Away from the primaryside, traders said that the McClatchy Co.’s bonds firmed in busy dealings after it closed on an asset sale that will bring the publishing and digital media more than $400 million of after-tax proceeds.

The overall market was seen relatively firm, this despite a selloff in equities.

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