Xplornet add-on prices, Nathan’s slates; Bombardier flies; Toys up on Asia IPO talk

By Paul Deckelman and Paul A. Harris

New York, Oct 17 – For a second straight session, syndicate sources said that the high-yield primary arena was relatively quiet on Tuesday, with just a single new issue of U.S. dollar-denominated and fully junk-rated paper having come to market.

Canadian telecom company Xplornet Communications Inc. did an upsized $30 million add-on to its existing $230 million of five-year notes that priced earlier this year.

The sources meantime said that fast-food operator Nathan’s Famous Inc. was shopping a secured notes deal around, with pricing possible as soon as Wednesday.

Away from that, traders said that for the first time in a number of days, their market’s focus was not new or recently priced issues, although there were some moderately busy dealings in recently priced names like Charter Communications, Inc., West Corp. and UPC Holding BV, the real action was among existing issues of companies generating news.

Bombardier Inc.’s several issues of notes dominated the day’s Most Actives list, firming solidly on the news that the Canadian aircraft manufacturer will sell a majority stake in its C-Series airliner operation to European aerospace giant Airbus.

An even bigger gainer was Toys ‘R’Us, Inc., particularly its recently battered 2018 notes, which zoomed by some 15 points on news reports the retailer – currently restructuring under Chapter 11 – may do an initial public offering for its burgeoning Asian business, which is not covered by the bankruptcy filing.

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