Boyd upsizes; Aleris active; Intelsat dominates; USG, Rent-A-Center up on buyout news

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 11 – The domestic and European primary market each saw one deal price in a quiet session on Monday with one new deal joining the forward calendar.

New deal volume in the domestic market is forecast to be light throughout the summer.

Boyd Gaming Corp. priced an upsized $700 million issue of 8.2-year senior notes (existing B3/confirmed B/confirmed B+) at par to yield 6% in a quick-to-market trade on Monday, according to a market source. The notes were quoted above their issue price after breaking for trade.

In the European market, Outokumpu Oyj priced a €250 million issue of six-year senior secured notes (expected Ba3) at par to yield 4 1/8%.

TDC A/S plans to start a roadshow on Tuesday for a €1.4 billion equivalent two-part offering of five-year senior notes that will have a dollar- and euro-denominated tranche.

Meanwhile, Aleris International, Inc.’s newly priced 10¾% senior secured junior priority notes due 2023 (Caa2/CCC+) were active in the secondary space with the notes trading well above their issue price.

Intelsat SA’s junk bonds were the most actively traded of the day.

USG Corp.’s junk bonds were on the rise on Monday on news the drywall manufacturer agreed to a $7 billion buy-out by Knauf KG.

Rent-A-Center Inc.’s junk bonds were also on the rise on news the company had completed its strategic review and rejected the buy-out bids that were on the table.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.