Upsized Memorial Resource, Endo drive-by, CNH pace $2.2 billion day; Memorial moves up

By Paul Deckelman and Paul A. Harris

New York, June 25 – There was no letup on Wednesday in the high-yield primary arena, which continued to churn out new deals in the waning days of the calendar second quarter and first half.

Syndicate sources said that five deals totaling some $2.2 billion of new dollar-denominated, fully junk-rated paper priced on Wednesday, on top of the $3 billion that got done in four tranches on Tuesday.

The day’s biggest deal came from Endo International plc, which priced $750 million of 8.5-year notes in a quick-to-market transaction via two financing subsidiaries after the deal was upsized.

There was also a $600 million offering of eight-year notes from Memorial Resource Development Corp. That quickly shopped deal was also upsized before pricing. Traders saw those new bonds having firmed smartly in initial aftermarket activity.

CNH Industrial NV drove by with a $500 million five-year deal that priced at one of the tightest levels anyone in Junkbondland had recently seen.

SAExploration Holdings, Inc. priced $150 million of five-year secured paper, which moved up modestly in secondary trading.

And AV Homes Inc. did a $200 million issue of five-year notes. Both AV and SAExploration were regularly scheduled deals that priced off the forward calendar.

Statistical market-performance indicators stayed mixed on Wednesday for a second consecutive session after having been higher for three consecutive sessions before that.

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