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Cliffs add-on, M/I Homes price; new M/I gains; recent issues busy; Hertz, Charter lower
By Paul Deckelman and Paul A. Harris
New York, July 31 – The high-yield primary pricing machine continued to roll on Monday, the final trading session of the month of July, with two new quickly shopped issues seen having come to market, generating more than $800 million of fresh paper.
Iron-ore producer Cliffs Natural Resources Inc. had the big deal of the day, a $575 million add-on to its existing $500 million of 5¾% senior guaranteed notes due in March of 2025. The notes priced at a discount to par, generating $808 million of fresh capital.
Earlier, builder M/I Homes, Inc. priced $250 million of new eight-year paper.
Traders saw modest gains when the latter issue hit the aftermarket, but did not immediately report any initial dealings in the new Cliffs paper.
But they did see Cliffs’ existing notes that will be repaid with the new-deal proceeds having firmed smartly on the day.
Elsewhere, traders saw continued brisk activity in some of the credits priced last week, including the new deals from United Rentals, Inc., AssuredPartners Inc. and NGPL PipeCo LLC.
Away from the new deals, Hertz Corp. paper fell after the car-rental company announced that it would not go forward with the planned redemption of one of its issues of bonds.
Charter Communications Inc. notes fizzled – even as its stock sizzled – amid the news Japanese tech giant SoftBank Group was considering making a bid for the cable company.
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