Carlson, Conn’s, Popular, APX price; Iron Mountain up on REIT plan; funds gain $619 million

By Paul Deckelman and Paul A. Harris

New York, June 26 – High-yield issuers continued their active new-deal pace on Thursday, rushing to get their financing done before the looming end of the month, second quarter and first half.

Syndicate sources said that four borrowers came to market during the session with a total of $1.16 billion of new bonds, a pricing parade led by regularly scheduled offerings off the forward calendar by Carlson Wagonlit Travel, which did a $360 million tranche of five-year PIK toggle notes via a subsidiary, and by Conn’s Inc., which priced $250 million of eight-year notes.

There was also a pair of opportunistically timed and quickly marketed drive-by deals: Popular, Inc. did an upsized $450 million issue of five-year holding-company paper, while APX Group, Inc. dropped in with a $100 million add-on to its existing 2020 notes.

Away from the new-deal sphere, traders said that Iron Mountain Inc.’s bonds and shares both rose in active dealings as the document-storage company took an important step in its ongoing effort to restructure itself as a real estate investment trust.

Statistical market-performance indicators turned mostly lower on Thursday after having been mixed over the previous two sessions.

But another indicator – the flows of cash into and out of high-yield mutual funds and exchange-traded funds, considered a good barometer of overall junk market liquidity trends – turned higher in the latest week, bouncing back from a relatively rare negative reading last week.

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