Rogers, Nexa tap primary market; PG&E to bring $5.93 billion bonds; Upjohn starts deal calls

By Cristal Cody

Tupelo, Miss., June 15 – The high-grade primary market stayed fairly quiet on Monday, while the deal pipeline is growing.

Rogers Communications Inc. priced $750 million of floating-rate senior notes due March 22, 2022 (Baa1/BBB+/BBB+) during the session.

Also, Luxembourg-based South American mineral mining and resources producer Nexa Resources SA (Ba2/BB+/BBB-) sold $500 million of split-rated senior notes due Jan. 28, 2028.

Meanwhile, Pacific Gas and Electric Co. is expected to price a $5,925,000,000 offering of first mortgage bonds (Baa3/BBB-/BBB-) in six tranches this week.

Parent company PG&E Corp. also intends to bring $3.75 billion of high-yield senior notes (B1/BB-/BB) in three tranches to the primary market on Friday.

Proceeds from all the debt offerings will be held in escrow until the company emerges from bankruptcy.

The high-grade bonds are subject to a mandatory redemption at 101% if Pacific Gas and Electric does not meet the escrow conditions on or before Sept. 9, 2020.

Upjohn Inc. kicked off fixed income investor calls on Monday for about $12 billion of senior notes (Baa3/BBB-/BBB) in multiple tranches as part of its spin-off from Pfizer Inc. and merger with Mylan NV.

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