Primary quiet but upsized PQ deal on tap, other deals hit the road; recent pricings busy

By Paul Deckelman and Paul A. Harris

New York, April 25 – The high yield primary market turned quiet on Monday, breaking a long string of sessions during which at least one dollar-denominated and fully junk-rated pricing had been seen.

However, things are expected to pick back up, starting on Tuesday, when syndicate sources said that chemical manufacturer PQ Corp.’s now upsized offering of 6.5-year secured notes could price late in the session; besides upsizing the deal, the issuer put out price talk on the deal during Monday’s session.

Also in the pipeline are several new deals being marketed to investors via roadshows starting this week.

The sources said that metal products manufacturer BlueScope Steel Co. began marketing a $100 million five-year offering on Monday.

And they said that glass packaging maker Ardagh Group and education materials provider McGraw-Hill Global Education Holdings LLC were scheduled to hit the road on Tuesday with their respective proposed deals.

Among names that have already successfully survived the pricing process, traders saw busy trading in Friday’s offerings from food retailer Fresh Market, Inc. and healthcare operator Regional Care Hospital Partners Holdings, Inc., as well as Wednesday’s deal from security services provider Protection 1.

Statistical market performance measures turned lower across the board on Monday for the first time in more than two weeks. That downturn follows two straight sessions during which the indicators were mixed and two sessions before that which saw them higher all around.

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