Wrangler, JPW, Holly price; new deals better; Toys up after finally filing; Rite Aid off

By Paul Deckelman and Paul A. Harris

New York, Sept. 19 – The recently red-hot high-yield primary market slowed down drastically on Tuesday as a trio of issuers each did a single-tranche transaction, generating a total of some $625 million – well down from Monday’s $2.6 billion of new U.S. dollar-denominated and fully junk-rated notes, or even last Friday’s $1.15 billion.

Two of the three issues came off the forward calendar, pricing after an investor roadshow.

Solid waste management company Waste Industries priced $305 million of eight-year notes, while JPW Industries, Inc., a supplier of branded metalworking and woodworking equipment and tools, did $220 million of senior secured seven-year paper.

Petroleum pipeline operator Holly Energy Partners, LP came to market with a quickly shopped $100 million add-on to its existing 2024 notes.

Secondary market participants saw the new Waste Industries deal firm smartly in active trading, and also quoted the Holly Energy notes higher.

There was busy aftermarket action in Monday’s new deals from fast-food operator Restaurant Brands International Inc. and clean energy concern NextEra Energy Partners LP, with both up from their issue prices.

Away from the new deals, Toys ‘R’ Us Inc.’s recently beleaguered bonds were seen better now that the troubled retailer finally filed for Chapter 11.

Rite Aid Corp.’s notes were mostly lower on revised, less favorable terms for its planned sale of nearly half of its drugstores to larger sector peer Walgreens Boots Alliance.

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