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Sugarhouse prices dollar deal; Netflix megadeal taps euro market; new Bill Barrett busy
By Paul Deckelman and Paul A. Harris
New York, April 26 – For a third straight session, the high-yield market saw but a single dollar-denominated pricing take place on Wednesday, as casino operator Sugarhouse HSP Gaming Prop Mezz LP did a $300 million offering of eight-year secured notes.
That regularly scheduled forward calendar deal followed the new issues that got done on Monday and Tuesday – communications-oriented real estate investment trust Uniti Group Inc.’s seven-year issue on Monday and oil and natural gas exploration and production operator Bill Barrett Corp.’s eight-year deal on Tuesday. Like the Sugarhouse deal, both of those transactions were smallish forward calendar offerings.
While that was what was going on in Junkbondland’s dollar-denominated segment, entertainment company Netflix, Inc., became the latest domestic issuer to tap the euro-denominated market, pricing an upsized €1.3 billion 10-year issue. Secondary market traders said the California company’s existing dollar-denominated notes were seen lower in conjunction with that euro megadeal.
The traders did not see much in the way of aftermarket action in the new Sugarhouse bonds, owing to the lateness of the hour at which they priced – but they said there was more than ample volume in the new Bill Barrett paper, which priced late in Tuesday’s session and did not start trading around until Wednesday, moving up modestly on the day.
Away from the new issues, United States Steel Corp.’s various notes were seen lower in busy volume on Wednesday, after the metals giant’s disappointing quarterly numbers.
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