Upsized Sealed Air drive-by, Blue Racer, Essar price to close $8 billion week; new Omnicare higher

By Paul Deckelman and Paul A. Harris

New York, Nov. 7 – The first week of November came to a close in Junkbondland with a flurry of activity the brought $1.775 billion of new paper to market in four tranches.

Sealed Air Corp., an Elmwood Park, N.J.-based producer of specialty packaging for the food processing and medical products industries, priced a quickly shopped, upsized $850 million two-part issue consisting of eight-year and 10-year notes, high-yield syndicate sources said. Traders saw both tranches of the new notes having firmed when they hit the aftermarket.

There was also a pair of scheduled forward calendar transactions. Earlier in the day, Blue Racer Midstream, LLC, a Dallas-based midstream energy company, came to market with an upsized $550 million of eight-year notes. That paper was seen firmer in secondary dealings.

Then later on, Canadian metals producer Essar Steel Algoma did an upsized $375 million of five-year senior secured notes, which were not seen in any immediate aftermarket activity.

The day’s deals capped off a week in which $8.01 billion of new paper priced in 17 tranches, according to the Prospect News data, up from the $6.8 billion that got done in nine tranches the week before, ended Oct. 31.

Traders meantime said that Thursday’s two-part offering from pharmaceutical services provider Omnicare, Inc. was doing well in the aftermarket, with both its eight-year and 10-year notes heard to have firmed smartly, in heavy trading.

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