Seven Generations, Beazer, GTT, Masonite drive by, calendar builds; energy names jump

By Paul Deckelman and Paul A. Harris

New York, Sept. 25 – The final week of September, and the calendar third quarter, got under way on Monday with the high-yield primary sphere continuing its recently busy pace.

Four issuers brought quickly shopped offerings to market, generating a total of $1.38 billion of new U.S. dollar-denominated and fully junk-rated paper.

While that was well down from the $3.85 billion of such notes that had gotten done in three tranches on Friday, it was more evenly spaced out, since almost all of Friday’s new-issuance had been attributable to just one issuer, Avantor, Inc., which had priced a giant-sized, multi-tranche offering.

In contrast, no one transaction Monday reached mega-deal size.

Canadian oil and natural gas exploration and production operator Seven Generations Energy Ltd. had the day’s big deal – $700 million of eight-year notes, which were heard by traders to have firmed on heavy volume in the the new bonds hit the aftermarket.

Builder Beazer Homes USA, Inc. did an upsized $400 million of 10-year notes, though it came too late in the session for much secondary dealings.

Earlier, cloud networking services provider GTT Communications, Inc. priced an upsized $125 million add-on to its existing 2024 notes, which firmed a little from its issue price.

Building products maker Masonite International Corp. also brought an upsized add-on deal to market, later in the session.

© 2015 Prospect News.
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