Angus, Speedway price; busy Friday seen; United Rentals active; funds lose $241 million

By Paul Deckelman and Paul A. Harris

New York, Jan. 22 – The high-yield primary arena continued the relatively relaxed pricing pace it has seen since Tuesday’s better than $2 billion-plus session.

Syndicate sources said that new issuance totaled $425 million in two tranches, although that did top the $275 million of new dollar-denominated, fully junk-rated paper that came to market on Wednesday in one tranche.

They said that Angus Chemical Co. priced a $225 million eight-year issue via a special-purpose subsidiary as a regularly scheduled forward-calendar transaction, part of the financing for the manufacturer’s pending buyout.

Race-car track operator Speedway Motorsports Inc. drove by with a $200 million offering of eight-year paper.

The deals priced fairly late in the day, and traders said they saw no aftermarket action in the two credits.

That set the stage for what promises to be a busy Friday, with dollar-denominated offerings expected to price from Platform Specialty Products Corp., TerraForm Power Operating, LLC and Presidio Holdings, Inc.

A euro-denominated issue from Techniplas BV is also expected to come to market.

Away from the new deals, there was brisk trading at moderately higher levels in United Rentals Inc.’s bonds after the equipment renting and leasing company reported better fourth-quarter numbers.

Statistical indicators of junk market performance were better across the board for a second consecutive session on Thursday.

However, high-yield mutual funds and exchange-traded funds posted a $241 million net outflow.

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