AmeriGas drives by with $1.35 billion two-parter; overall market posts solid gains

By Paul Deckelman and Paul A. Harris

New York, June 20 – The high yield market started the summer season off with a bang on Monday, with a broad-based market rally, following the lead of a stock market no longer trembling ahead of Thursday’s “Brexit” vote in the United Kingdom.

The primary saw retail propane distributor AmeriGas Partners LP price $1.35 billion of new paper in a two-tranche offering, equally split into eight- and 10-year notes.

In the secondary sphere, prices were seen up around ½ point generically, with some high-beta names doing even better than that.

Among recently priced issues, the Dell, Inc. megadeal remained busy, with the computer-maker’s new five- and eight-year notes continuing to post gains.

There was also activity in last week’s deal from retailer L Brands Inc., although not much price movement.

Away from the new deals, other gainers included Freeport-McMoRan, AK Steel and Toys ‘R’ Us.

Statistical market performance measures broke out of their recent rut on Monday, turning higher across the board after having been mixed three straight sessions and having fallen for three consecutive trading days before that.

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