Avantor, Golden Nugget megadeals, ViaSat hit road as market reopens; Tesla again busy

By Paul Deckelman and Paul A. Harris

New York, Sept. 5 – It was back to work in Junkbondland on Tuesday following the long Labor Day holiday break in the United States, which had seen the market closed on Monday.

Although that holiday generally marks the end of the traditional late-summer lull in primaryside activity, there was no rush to bring any new deals to market, with no dollar-denominated transactions seen to have priced.

The only pricing activity took place in Europe, as Swiss-based multi-metals company Nyrstar NV brought a €100 million add-on to its existing 2024 notes.

But things were happening behind the scenes in the domestic market.

Avantor, Inc., a supplier of ultra-high-purity materials to the life sciences and advanced technology industry, unveiled plans for European and American roadshows for its $4.25 billion equivalent dual-currency deal backing its planned acquisition of peer VWR International LLC.

Gaming, restaurant, lodging and entertainment company Golden Nugget, Inc. – formerly Landry’s Inc. – announced a nearly $1.42 billion two-part junk offering, including an add-on to its existing 2024 notes and a new stand-alone eight-year tranche.

And communications provider ViaSat, Inc. was shopping a $600 million issue of eight-year notes around to potential investors.

In the secondary market, volume picked up somewhat from the low-pre-holiday levels last week, and, as has been the case for much of the past few weeks, the big new eight-year issue from electric car manufacturer Tesla, Inc. was the most actively traded name, moving lower.

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