Restaurant Brands megadeal drives by, GFL also prices, new bonds firm; Frontier falls

By Paul Deckelman and Paul A. Harris

New York, May 3 – The high-yield primary pricing parade resumed on Wednesday, after having paused on Tuesday, which had been the first session in over two weeks during which no U.S. dollar-denominated and fully junk-rated paper had come to market.

Wednesday saw a pair of such deals totaling $1.85 billion get done, both from companies based in the Canadian province of Ontario.

Restaurant Brands International Inc., an operator of quick-service eateries, did an upsized and quickly shopped $1.5 billion of seven-year secured notes.

Meanwhile, waste management company GFL Environmental Inc. priced $350 million of five-year notes in a regularly scheduled forward-calendar offering.

Secondary traders said that the latter bonds firmed smartly when they hit the aftermarket and were among the day’s most active issues.

Away from the new-deal sphere, Frontier Communications Corp.’s bonds were seen mostly lower in busy trading, in line with a plunge in the telecommunications company’s shares after it reported disappointing first-quarter results and cut its dividend.

Statistical market performance measures were mixed for a second straight session on Wednesday; they had turned mixed on Tuesday after strengthening across the board for three straight sessions last Thursday and again on Friday and Monday. It was the third mixed session in the last six trading days.

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