Acosta, RCN drive-by, PlyGem price overall $1 billion-plus; new WhiteWave busy; Gymboree falls

By Paul Deckelman and Paul A. Harris

New York, Sept. 15 – The high-yield primary opened the new week on Monday by pricing more than $1 billion of new dollar-denominated, fully junk-rated paper in three tranches, picking up the pace from Friday, when just one single-tranche deal worth $500 million priced.

Jacksonville, Fla.-based Acosta Sales & Marketing Co. had the big deal of the day, an $800 million offering of eight-year notes that came too late in the session for any aftermarket activity.

PlyGem Industries, Inc., a Cary, N.C.-based building products manufacturer, brought a quickly shopped $150 million mirror tranche of its existing 2022 notes, while Princeton, N.J.-based RCN Telecom Services, LLC drove by with a $105 million add-on to its 2020 notes. Both deals were later quoted higher.

Friday’s upsized offering from WhiteWave Foods Co. was actively traded, holding on to most of the issue’s initial aftermarket gains.

There was also fairly busy activity in last week’s big deal from energy operator California Resources Corp.

Away from the new deals, Gymboree Corp.’s bonds remained in freefall in the wake of last week’s poor quarterly numbers from the children’s apparel retailer, falling several more points in very active trading.

Medical products manufacturer Alere, Inc.’s bonds rose multiple points – though on only a handful of large-block trades – on the news that its former chief executive officer plans to make a buyout offer for the company.

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