Intelsat, Aircastle price upsized drive-by deals; Valeant bonds busy amid board turmoil

By Paul Deckelman and Paul A. Harris

New York, March 21 – The high yield primary sphere opened the new week on Monday with a pair of opportunistically timed, quickly marketed and upsized new deals, syndicate sources said.

Satellite communications operator Intelsat SA brought a $1.25 billion offering of eight-year senior secured first-lien notes to market via one of its subsidiaries.

Earlier in the session, aircraft leasing company Aircastle Ltd. flew by with a $500 million seven-year transaction.

Both new deals were heard to have gained altitude in initial aftermarket dealings, although the Intelsat gains seemed to be more pronounced.

Intelsat’s existing notes were meantime seen among the busiest bonds of the day. They were mostly lower, reflecting investor angst that the company was adding a big new tranche of secured debt, senior in the capital structure to the existing unsecured notes. However, some of the Intelsat issues managed to hold their own.

Among recently priced issues, Friday’s offering from communications and marketing firm MDC Partners Inc. was seen by traders having firmed in active dealings.

Away from the new issues, Valeant Pharmaceuticals International, Inc.’s bonds were busy amid renewed company turmoil about alleged accounting misstatements.

Statistical market performance measures turned higher across the board on Monday after having been mixed on Friday. It was their second stronger session in the last three trading days.

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