Guitar Center, NVA bring deals; U.S. Steel, J.C. Penney dominate secondary; Valeant busy

By James McCandless and Paul A. Harris

San Antonio, March 14 – In the high-yield primary market on Wednesday, Guitar Center, Inc. priced $635 million of secured notes, NVA Holdings, Inc., the parent of National Veterinary Associates, priced $500 million of notes, Progroup AG priced €450 million of notes, and Stora Enso Oyj priced €300 million of notes.

The high-yield secondary market saw volume taken up by recent issues, traders said.

United States Steel Corp.’s latest issue saw much of the day’s activity as the company braces for impact as a result of newly placed tariffs.

Last week’s new pricing of J.C. Penney Co., Inc. continues to dominate in the retail space.

Valeant Pharmaceuticals International, Inc. saw another active day for its new eight-year senior unsecured notes.

The recent $1 billion pricing from Sprint Corp. continued trading.

Intelsat SA and Northern Oil and Gas, Inc. were in high volume again.

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