Harbinger drive-by add-on, Dynagas price, AK Steel, others slate; last week’s new deals active

By Paul Deckelman and Paul A. Harris

New York, Sept. 8 – The high-yield primary realm opened the new week with a pair of smallish deals pricing, syndicate sources said.

They saw diversified holding company Harbinger Group Inc. bring a quickly shopped $200 million addition to its existing 2022 notes to market, while Greek liquefied natural gas operator Dynagas LNG Partners LP did a $250 million five-year issue as a regularly scheduled forward-calendar deal.

While the day’s actual deal volume was modest, the forward calendar continued to build, with new deal announcements from metals producer AK Steel Corp., EnPro Industries, Inc., a manufacturer of engineered products, and Dutch advertising and marketing services provider Vistaprint NV.

In the secondary market, traders said that a modest amount of the new Harbinger bonds traded around the par issue price, although the existing 2022 paper was seen having come in by as much as 2 points from the levels held last week, before the deal was announced.

The traders also say that activity levels remained brisk in some of the new deals that came to market last week, including T-Mobile US, Inc., Clear Channel Communications, Inc., Linn Energy, LLC and Frontier Communications Corp. Those names dominated the day’s most-actives list.

Statistical market performance indicators were mixed for a second straight session Monday, after having turned mixed on Friday and lower across the board on Wednesday and Thursday.

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