Infor megadeal prices; Rite Aid, Huntsman slate; still-accommodative Fed helps market firm

By Paul A. Harris and Paul Deckelman

New York, March 18 – The high-yield primary saw its first billion-dollar-plus deal of the week on Wednesday, as Infor (US) Inc. came to market with a $1.03 billion issue of seven-year notes, which priced in a two-part offering that also included a euro-denominated tranche.

The new dollar bonds were seen solidly firmer when they hit the aftermarket.

Infor was the only new issue heard to have priced during the session.

A Federal Reserve statement widely interpreted as being relatively “dovish” spurred an afternoon upturn in junk, along with equities.

That helped to push up some recently priced deals such as Masco Corp.’s split-rated 10-year issue that had priced on Tuesday and Valeant Pharmaceuticals International Inc.’s giant-sized multi-tranche offering that had gotten done on Friday.

And, along with an upturn in world crude oil prices, that also helped energy issues that have been under pressure lately, including the recently priced Energy XXI Gulf Coast, Inc. and Peabody Energy Corp. as well as more established credits like California Resources Corp.

Away from issues that have already priced, junk bond syndicate sources heard of several new deals coming to market, including Rite Aid Corp.’s $1.8 billion of eight-year notes and Huntsman Corp.’s euro-denominated 10-year notes, both of which are expected to price on Thursday.

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