TMS Int’l, David Weekly, Clear Channel Outdoor price; Hertz higher, Valeant gives up gains

By Paul Deckelman and Paul A. Harris

New York, Aug. 9 – For a third straight session, the high-yield new-deal market saw a trio of issuers get deals done on Wednesday, although the day’s volume total of $650 million of new U.S.-dollar-denominated and fully junk-rated paper was well down from Monday’s $2.15 billion and Tuesday’s $1.95 billion, according to data compiled by Prospect News.

There was a pair of regularly scheduled $250 million eight-year forward calendar offerings, from builder David Weekley Homes, LLC and TMS International Corp., which provides mill services for steelmakers.

Billboard operator Clear Channel Outdoor Holdings, Inc. did a quickly shopped and upsized $150 million add-on to its existing notes due in December of 2020.

Traders did not immediately report any initial aftermarket dealings in the day’s new notes, although one noted that the Clear Channel Outdoor paper’s issue price was well below where the existing bonds had been prior to the add-on news.

They said that Tuesday’s megadeal from Canadian fast-food chain operator Restaurant Brands International Inc. was the most actively traded junk issue Wednesday, up slightly on the session.

Away from the new deals, Hertz Corp.’s bonds and its shares were on the rebound, after having retreated on Tuesday following quarterly earnings numbers.

On the other hand, Valeant Pharmaceuticals International, Inc.’s bonds – which had done well on Tuesday in the wake of numbers from the Canadian drug manufacturer – were falling back on Wednesday.

© 2015 Prospect News.
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