Mallinckrodt, upsized Paper Works price; Level 3 stays busy; First Data off after numbers

By Paul Deckelman and Paul A. Harris

New York, July 30 – The high-yield primary market quieted down on Wednesday after Tuesday’s robust session, syndicate sources said.

Only two deals totaling $1.175 billion got done versus Tuesday’s session, when $2.5 billion of dollar-denominated and fully junk-rated paper got priced in six tranches.

Wednesday’s $900 million offering of eight-year notes from Mallinckrodt plc via two financing subsidiaries was not seen trading around in the aftermarket.

However, traders did see some levels in the new bonds of Paper Works Industries, Inc., which did an upsized $275 million of five-year secured notes. One trader quoted the bonds up several points on the day.

Also among the new or recently priced issues, Level 3 Communications, Inc.’s new eight-year notes that priced on Tuesday were heavily traded for a second consecutive session.

There were also fairly busy dealings seen for some of the other recently priced credits, including Universal Health Services, Inc., Compressco Partners LP and Regency Energy Partners, LP.

Away from the new deals, First Data Corp. bonds were seen easier after the company reported second-quarter numbers.

Radiation Therapy Services Inc.’s bonds were better for a second consecutive session after the company now known as 21st Century Oncology Holdings, Inc. obtained noteholder support for a recapitalization plan.

Statistical market performance indicators were down across the board for a fourth consecutive session on Wednesday.

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