Men’s Wearhouse, JBS, Tenet price; new Men’s Wearhouse stylish in secondary

By Paul Deckelman and Paul A. Harris

New York, June 11 – New-deal activity in the high-yield market slowed down on Wednesday from the heavy volume seen on Tuesday, the busiest session in several weeks.

Three issuers combined for $1.85 billion of new fully junk-rated, dollar-denominated new paper – a little less than half of what got done on Tuesday.

Wednesday’s big deal was a $750 million 10-year issue from JBS USA, LLC – a deal that had actually been previously shopped around but was temporarily shelved due to the company’s failed effort to buy Hillshire Brands Co.

Men’s Wearhouse, Inc. came to market with a $600 million offering of eight-year notes; the bonds sported some handsome gains when they reached the aftermarket.

Tenet Healthcare Corp. brought a quickly shopped $500 million add-on to its existing 2019 notes to market.

Tuesday’s big deals from DaVita HealthCare Partners Inc. and iStar Financial Inc. were seen dominating Junkbondland’s most actives list, racking up volume in the tens of millions of dollars.

News reports that P.F. Chang’s China Bistro Inc. may have been the victim of a data breach by hackers that potentially compromised diners’ credit card information caused some investors to lose their appetite for the company’s bonds, a trader said.

Overall statistical market performance indicators were mixed for a second consecutive session on Wednesday after three straight sessions on the upside before that.

© 2015 Prospect News.
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