Southern Co., Aquarian bring deals; spreads mostly flat; Dollar General weaker

By Aleesia Forni and Cristal Cody

Virginia Beach, Aug. 19 – The high-grade primary market saw new deals from Southern Co. and Aquarian Co. price on Tuesday.

Southern Co. offered $750 million of senior notes in tranches due 2017 and 2019, according to a market source.

Both tranches sold at the tight end of talk, which had firmed around 10 basis points from earlier guidance.

In other primary action, Aquarian sold a $360 million offering of notes due 2021, though sale details were unavailable at press time.

Tuesday’s action brings the week’s total supply to around $1.2 billion for the week.

As the summer lull continues, sources are expecting the quieter pace of the primary market to continue to close out the month.

The Markit CDX North American Investment Grade series 22 index was mostly unchanged at a spread of 57 bps after tightening 3 bps in the previous session.

Dollar General Corp.’s 3.25% senior notes due 2023 lost a point in secondary trading over the day, according to a market source.

Family Dollar Stores, Inc.’s 5% senior notes due 2021 edged higher.

Dollar General submitted a bid on Monday to acquire Family Dollar for a deal valued at $9.7 billion in cash, an offer that trumps Dollar Tree Inc.’s plan to buy Family Dollar for $8.5 billion in cash and stock.

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