T-Mobile megadeal, Greystar add-on drive by; giant-sized Western Digital deal on tap

By Paul Deckelman and Paul A. Harris

New York, March 29 – The high yield primary market continued to churn out new deals on Tuesday, with syndicate sources reporting the arrival of two quickly shopped offerings – with another huge deal expected to price off the forward calendar on Wednesday.

Wireless operator T-Mobile USA, Inc. had the big deal of the day – $1 billion of eight-year notes.

There was also a smallish add-on by Greystar Real Estate Partners LLC to its existing 2022 secured notes.

Both of those deals priced fairly late in the session, with no traders reporting any immediate aftermarket activity.

The traders meanwhile reported heavy trading in Monday’s megadeal from industrial building and maintenance supply company HD Supply, Inc. The bonds moved up modestly, building on the gains notched in initial aftermarket dealings after the issue was priced.

They also saw a modest rise, though on considerably less volume, in the new five-year notes from healthcare operator Surgery Center Holdings Inc., which also came to market on Monday.

Apart from the issues which have already priced, syndicate sources said that price talk emerged on Western Digital Corp.’s pending $5.6 billion two-part offering of seven- and eight-year paper. The computer hard disk drive manufacturer’s huge deal is expected to price on Wednesday.

Statistical market performance measures remained lower for a fifth consecutive session on Tuesday, their sixth lower session in the last 10 trading days.

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