JLL/Delta Dutch Pledgeco drives by; 21st Century trades actively; MGM off amid proxy fight

By Paul A. Harris and Paul Deckelman

New York, April 29 – For a third consecutive session, the high-yield primary sphere saw just one new dollar-denominated, junk-rated deal price, although a number of other prospective offerings are being shopped around.

JLL/Delta Dutch Pledgeco BV came to market on Wednesday with an unscheduled and upsized $550 million offering of five-year senior PIK toggle notes.

Traders saw that new paper moving higher in the aftermarket in active dealings.

They also saw busy activity in Tuesday’s lone deal – 21st Century Oncology, Inc.’s downsized $360 million of eight-year notes – although those bonds came off the initial levels they had reached after they had priced.

Elsewhere, market participants were anticipating Ahern Rentals, Inc.’s $500 million offering of eight-year second-lien secured notes, which are expected to price during Thursday’s session.

Also on tap for Thursday, they said, is the $350 million dealer re-marketing of Global Cash Access Inc.’s 10% notes due 2022, which the company originally priced last December. In the euro-denominated market, NH Hotels SA is expected to complete a €200 million offering of seven-year secured notes.

Outside of the new-deal world, MGM Resorts International’s bonds were lower in heavy trading, amid an intensifying proxy contest for control of the company and other negative gambling industry news.

Statistical indicators of junk market performance were lower for a second consecutive session on Wednesday.

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