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NRG drives by with $1.25 billion deal; calendar grows; recent issues quiet; Intelsat up
By Paul Deckelman and Paul A. Harris
New York, July 19 – The high yield primary sphere saw its first billion-dollar-plus sized deal in nearly two weeks on Tuesday, as wholesale power producer NRG Energy, Inc. came to market with a quickly shopped and upsized $1.25 billion of 10.5-year notes, the only deal to get done during the session.
It was the first such megadeal-sized offering to price since Swiss global offshore energy drilling contractor Transocean Ltd. also priced a $1.25 billion offering back on July 7.
Traders did not immediately report any initial aftermarket activity in the new NRG notes.
Among other recently priced deals, traders saw a drying up of activity, with only heavy-equipment rental company Cloud Crane LLC’s bonds seen having really generated any kind of volume, as that paper continued to firm.
Apart from the deals which have actually recently gotten done, syndicate sources said that several other prospective new issues were being shopped around in Junkbondland.
These include satellite communications company EchoStar Corp., doing a $1 billion secured note offering via its Hughes Satellite Systems Corp. subsidiary; beauty-care products company Revlon Inc., doing $400 million of eight-year notes; industrial textile manufacturer Xerium Technologies, Inc., shopping a $475 million five-year secured deal; and Irish building products company James Hardie Industries plc, doing a $75 million add-on to its existing 2023 bonds.
Among established issues, traders said that communications satellite company Intelsat SA’s several series of bonds were mostly higher in active dealings.
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