Downsized DJO issue, Trinseo deal, Virgin Media add-on price; funds lose $162.2 million

By Paul A. Harris and Paul Deckelman

New York, April 23 – The high-yield primary market had a busy Thursday with a trio of deals pricing, two of them after having been downsized.

Those would be the regularly scheduled forward-calendar offerings from DJO Global Inc., which brought $1.05 billion of six-year secured notes to market, and from Trinseo SA, whose $300 million offering of seven-year notes was part of a larger two-tranche dual-currency offering.

Virgin Media did a quickly shopped $500 million add-on to its existing 2026 secured notes, which were quoted higher in the aftermarket.

The Trinseo dollar bonds were meantime seen having firmed solidly.

Syndicate sources said Horizon Pharma Inc. upsized its eight-year notes offering, which is expected to come to market on Friday.

Chemours Co., being spun off from chemicals giant DuPont, was heard to be getting ready to hit the road to market a $2.5 billion equivalent three-part offering of dollar- and euro-denominated notes to investors in Europe and the United States.

Traders meantime saw good upside activity in Wednesday’s megadeal from Fortescue Metals Group, while that day’s other deal, from Seven Generations Energy Ltd., held on to its initial aftermarket gains.

Statistical indicators of junk market performance were mixed for a second consecutive session on Thursday.

Another numerical road marker, high-yield mutual funds and exchange-traded funds, turned downward for the first time in five weeks, suffering a $162.2 million outflow in the week ended Wednesday.

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