Intelsat Jackson megadeal, Surgery Partners price; Werner, First Quality deals slate

By Paul Deckelman

New York, June 19 – The high-yield primary arena began the new week on Monday with a pair of quickly shopped offerings that generated some $1.87 billion of new paper from domestic or industrialized-country borrowers.

Luxembourg-based satellite communications company Intelsat SA had the big deal of the day – $1.5 billion of eight-year notes, priced through the company’s Intelsat Jackson Holdings SA unit.

News of the debt-refinancing deal helped to push the company’s existing bonds higher.

Also coming to market on Monday was healthcare company Surgery Partners Inc., which priced an upsized $370 million issue of eight-year notes via a funding subsidiary; proceeds of that new offering will be used to fund a major acquisition.

First Quality Enterprises, Inc., a maker of personal-care products, was heard getting ready to price a $500 million offering of eight-year notes during Tuesday’s session, with proceeds slated to go for debt refinancing.

Werner Co., a maker of ladders, scaffolding and other industrial climbing equipment began shopping a $265 million eight-year offering around to investors, with pricing expected later in the week. Proceeds will go to help fund the company’s leveraged buyout.

Out of Europe came word that solar- and wind-power producer European Energy A/S is lining up a smallish euro-denominated deal, in order to take out some existing debt.

Among recently priced issues, traders said that Friday’s sizable deal from Brand Energy & Infrastructure Services, Inc. continued to dazzle investors in the aftermarket.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.