HCA, Quintile, TransDigm lead $4 billion session; Chemtours busy; overall market heavier

By Paul A. Harris and Paul Deckelman

New York, May 6 – It was a downer of a day on Wednesday in Junkbondland, as the high-yield market traded off, in line with a slide in both equities and Treasuries.

But that bad vibe didn’t stop six issuers from bringing some $4 billion of new U.S. dollar-denominated, fully junk-rated paper to market.

HCA Inc.’s $1.6 billion add-on to its existing 10-year notes was the big deal of the day. Traders said the quickly shopped bonds were among the most active aftermarket credits – but while they were up a little from issue, they were well down from where the existing paper had been trading.

TransDigm Inc. and Constellis Holdings LLC also each did an opportunistically timed $450 million drive-by deal, with TransDigm’s a 10-year subordinated offering and Constellis’ transaction a five-year secured issue. TransDigm’s new paper firmed when it was freed to trade, but Constellis’ late-arriving deal was not immediately seen.

Among the regularly scheduled deals coming off the forward calendar, Quintiles Transnational Holdings Inc. priced $800 million of eight-year notes, which moved higher in very active dealings.

Brookfield Residential Properties Inc. did $350 million of 10-year notes as part of a two-part offering that also included a Canadian dollar-denominated eight-year tranche, and Petra Diamonds Ltd. came to market with a $300 million offering of five-year secured notes; neither was initially seen in the aftermarket.

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