No pricings, but roadshow calendar builds; new Aradagh Group, United Rentals active

By Paul Deckelman and Paul A. Harris

New York, May 2 – The high yield primary sphere stopped for a breather on Monday – the first trading day of May – after Friday’s big session that saw some $3.9 billion of new dollar-denominated and fully junk-rated paper price in four tranches, capping a busy $6.255 billion week.

Syndicate sources said that no such new deals priced on Monday – but there was considerable news going on behind the scenes, with a trio of potential issuers heard to have hit the road to market their transactions to prospective investors.

Probably the best-known upcoming issuer is United States Steel Corp., which plans to sell $500 million of fiver-year secured notes.

Software maker PTC, Inc. began marketing $500 million of eight-year notes.

And Vector Group Ltd., a tobacco company, plans to do fungible $200 million add-on to its existing 2021 secured notes.

Back among the junk deals that have actually priced, the various dollar-denominated tranches of Friday’s giant-sized multi-part offering from glass packaging producer Ardagh Group were among the busiest credits in Junkbondland on Monday, with the unsecured notes doing especially well.

Friday’s other offering, from equipment rental and leasing company United Rentals, Inc., was seen actively trading at a solid premium to where those bonds had priced.

On the other hand, traders reported little real action in the trio of deals that priced earlier last week, from BlueScope Steel, McGraw-Hill Global Education Holdings LLC and Kaiser Aluminum Corp.

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