Wind megadeal, plus Hilcorp, NGL, Belden drive-bys price; other deals waiting in the wings

By Paul Deckelman and Paul A. Harris

New York, June 24 – Junk market primaryside activity picked up on Tuesday, with some $3 billion of new dollar-denominated and fully junk-rated paper pricing.

The day’s big deal came from Wind Telecomunicazioni SpA, which priced $1.9 billion of new six-year senior secured notes via its WindAcquisition Finance SA funding subsidiary in a regularly scheduled forward calendar offering, as part of an overall €4 billion three-tranche offering that also included euro-denominated fixed- and floating-rate notes.

On the domestic front, a trio of quickly marketed drive-by deals kept junk players hopping.

Hilcorp Energy priced $500 million of 10.5-year notes, which were seen trading near their issue price when they hit the aftermarket.

NGL Energy Partners LP did an upsized $400 million of five-year notes.

And Belden Inc. came in with a $200 million issue of 10-year subordinated notes, which moved up when they were freed for trading.

Syndicate sources also heard price talk emerge on several other deals that are expected to come to market on Wednesday, including Altegrity, Inc. doing a five-year secured offering and AV Homes Inc. with a five-year unsecured deal.

Traders saw little activity away from the new-deal realm, as investors hung onto their existing secondary paper.

Statistical market-performance indicators turned mixed on Tuesday after having been higher for three consecutive sessions before that.

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