Starwood REIT, Five Point add-on drive by; TerraForm on tap; GNC pulls offering; TIME up

By Paul Deckelman and Paul A. Harris

New York, Nov. 27 – After the post-Thanksgiving holiday lull at the end of last week, Junkbondland was active on Monday, including pricings from a pair of quick-to-market offerings.

Starwood Property Trust, Inc. was heard by high-yield syndicate sources to have priced $500 million of non-callable 7.25-year notes.

And Five Point Operating Co., LP – a real estate development company which priced an upsized $450 million of eight-year notes on Nov. 17 – came back for seconds on Monday, doing a $50 million add-on issue.

Beyond the issues actually pricing, the primary was also hopping behind the scenes, with renewable energy company TerraForm Power Operating, LLC getting ready to bring a $1 billion two-part issue to market on Tuesday following an investor call.

Boiler-room equipment manufacturer Cleaver- Brooks, Inc. was hitting the road to market a $395 million of five-year notes to investors.

And vitamin and nutrition supplements retailer GNC Holdings, Inc. was heard to have withdrawn its planned $500 million five-year note offering, shifting the proceeds instead to a concurrent bank loan deal the company is structuring.

In the secondary sphere, traders reported little initial aftermarket activity in the day’s two new issues.

But there was intense trading activity going on in Time, Inc.’s paper, on the news that the iconic publishing company is to be acquired by sector peer Meredith Corp.

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