Downsized 21st Century Oncology prices; new Micron and ZF Friedrichshafen active; MDC slides

By Paul A. Harris and Paul Deckelman

New York, April 28 – 21st Century Oncology, Inc. priced a downsized $360 million offering of new eight-year notes on Tuesday, high-yield syndicate sources said.

The regularly scheduled forward calendar offering arrived too late in the session for any meaningful aftermarket activity.

The day’s primaryside volume was down from the $1 billion of new dollar-denominated, junk-rated paper that had come to market on Monday in two tranches, or Friday’s $4.31 billion in six tranches, according to data compiled by Prospect News.

Monday’s two-part $1 billion drive-by issue from Micron Technology, Inc. and Friday’s huge three-part forward calendar deal from ZF Friedrichshafen AG were among the most active credits on Tuesday, along with the recent offering from Fiat Chrysler Automobiles NV.

Away from the deals that have actually priced, offerings from Prime Source Building Products, Ahern Rentals, Inc. and Extended Stay America, Inc. were being shopped around, syndicate sources said.

Away from the new-deal realm, MDC Partners Inc.’s bonds slid badly in busy trading, along with the company’s shares, on the news that the Securities and Exchange Commission is investigating the marketing and advertising company’s accounting practices and its chief executive officer’s expenses.

Statistical indicators of junk market performance turned lower on Tuesday after having been mixed on Monday for a third session in the previous four, and after having been mostly better on Friday.

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