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United Continental, Baffinland and Century Communities price; TransDigm, Rite Aid busy
By Paul Deckelman and Paul A. Harris
New York, Jan. 23 – The high yield primary market took a step back on Monday after several high-volume sessions before that.
Syndicate sources said that three new issues of U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers priced during the session, totaling some $769 million of proceeds.
But that was well down from the $3.75 billion that got done in four tranches on Friday and the $2.35 billion that was racked up during Thursday’s three-deal session.
Giant airline operator United Airlines Inc. made an unscheduled landing in Junkbondland with a downsized $300 million offering of seven-year notes.
Homebuilder Century Communities, Inc. also did a quickly shopped deal, an upsized $125 million add-on to its existing 2022 notes.
Meanwhile, Canadian resources company Baffinland Iron Mines Corp. finally managed to price its $350 million offering of five-year secured notes – a deal that had been hanging around on the forward calendar since the end of last year, although it took some structural and covenant changes and a heavily discounted price to finally get the long-delayed transaction done.
Secondary market traders meantime saw continued busy activity in Friday’s new deals from aviation leasing company Avolon Holdings Ltd., telecommunications operator RCN Telecom Services LLC and from Pattern Energy Group, Inc.
Away from the new deals, there was brisk trading in the bonds of aviation components maker TransDigm Inc. and drugstore operator Rite Aid Corp. in reaction to news about those companies.
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