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Europe continues to lead news; McDermott, Coty eye deals; First Quantum hit with huge bill
By James McCandless and Paul A. Harris
San Antonio, March 21 – Most of the high-yield primary news continued to come from Europe on Wednesday, although dollar-denominated tranches were announced.
In Europe, Virgin Media Inc. priced a £300 million issue of Virgin Media Receivables Financing Notes II Designated Activity Co. 5¾% five-year receivables financing notes.
Chicago-based LKQ Corp. set price talk in its €1 billion two-part offering of senior notes.
Coty Inc. kicked off a $2 billion equivalent four-part offering of senior notes in a deal that comprises both dollar and euro notes.
In the dollar-only new issue market, McDermott International Inc. plans to start a roadshow on Thursday for a $1.5 billion two-part offering of senior notes.
Trading in the high-yield secondary market on Wednesday was described as muted by traders, with pockets of activity in newer issues.
First Quantum Minerals Ltd. saw its newer issues become active. On Tuesday, the government of Zambia slapped the name with a $7.9 billion bill in alleged unpaid import duties.
U.S. Steel Corp.’s new issues were active again. On Tuesday, the company announced the results of a tender offering.
New issues from Frontier Communications Corp. held firm after days of being pressured downward.
Intelsat SA and Northern Oil and Gas, Inc. added to the day’s volume.
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