ACE Cash, Itron, revamped BMC close $11.2 billion primary week; new Jeld-Wen busy

By Paul Deckelman and Paul A. Harris

New York, Dec. 8 – The high-yield primary market closed out one of its busiest weeks so far this year on Friday with a trio of new deals coming off the forward calendar and generating $800 million of fully junk-rated, dollar denominated paper, although that was down from Thursday’s $2.43 billion in seven tranches.

Financial services concern ACE Cash Express, Inc. did an upsized $350 million of five-year senior secured notes.

Traders said those bonds – which had priced at a steep discount to par – rose solidly when they hit the aftermarket.

Technology and services provider Itron, Inc. priced $300 million of eight-year notes. Those bonds too did well when they were freed for secondary dealings.

And BMC Software brought a $150 million add-on to its existing 2021 paper. That deal had originally started out as a euro-denominated offering, undergoing several subsequent revisions before pricing.

The day’s issues raised the week’s total issuance of new dollar-denominated and junk-rated new paper to some $11.2 billion in 21 tranches, according to data compiled by Prospect News.

New-deal issuance and recently priced bonds dominated the secondary market Friday, particularly drugmaker Valeant Pharmaceuticals International, Inc.’s offering from Monday and Thursday’s two-part offering from door and window manufacturer Jeld-Wen, Inc.

Statistical market performance measures were higher on Friday after turning mixed on Thursday.

© 2015 Prospect News.
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