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US HY CLOSE-Quiet day in US high-yield primary market

Reuters - UK Focus

By Mike Gambale

NEW YORK, May 4 (IFR) - No deals are expected to price in the high-yield market on Monday. There are currently four deals in the pipeline.

VOLUME STATISTICS

Last Month:

61 Tranches US$38.120bn

Last Week's Volume:

10 Tranches For US$5.110bn

This Year's Volume:

195 Tranches US$131.725bn

Last Week's tranches by maturity HY Corps:

1 X 5-YRS US$550m

1 X 6.8-YRS US$350m

3 X 8-YRS US$1.110bn

1 X 8.75-YRS US$550m

3 X 10-YRS US$2.100bn

1 X 10.75-YRS US$450m

S&P Ratings:

B 1 Tranche US$550m

B- 1 Tranche US$350m

BB 2 Tranches US$1.000bn

BB- 1 Tranche US$500m

BBB- 1 Tranche US$1.250bn

CCC 1 Tranche US$360m

CCC+ 3 Tranches US$1.100bn

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PIPELINE:

PETRA DIAMONDS (LSE: PDL.L - news)

Petra Diamonds US$ Treasury Plc, issue ratings B2/B+, announced a US$300m 5-year nc2 senior secured 2nd lien notes via Royal Bank of Canada (Other OTC: RBKDF - news) (left) and Barclays (LSE: BARC.L - news) . Roadshows began April 27, with pricing expected week of May 4. First (Other OTC: FSTC - news) call at par plus 50% coupon. US$101 COC put. Equity clawback up to 35% during the first 2-year at par plus the coupon. 144a/RegS for life.

UOP: To repay borrowings under existing Senior Secured Term Loans and Credit Facilities, and for general corporate purposes, including funding the new plant at the Cullinan mine. BIZ: Leading independent diamond mining group with a controlling interest in a diversified portfolio of five producing diamond mines.

WHISPERS: Mid-8% area

THE CHEMOURS COMPANY

The Chemours Company, rating tbd, announced a US$2.5bn 3-part US$/Euro senior note offering via CS(left)/JPM/BAML/BARC/CITI/GS (KSE: 078935.KS - news) . Structure will consist of a US$1.125bn 8-year nc3, E350m 8-year nc3, US$1bn 10-year nc5. Timing: European roadshow began 4/24, US roadshow began 4/29, pricing early week of May 4. Make whole calls apply T+50bp, DBR+50bp, and nothing for the 3-tranche. 144a/RegS w/reg rights. US$101 COC put.

Equity Clawback up to 35% within the first 3 years| None Special Call, If the spin-off is not completed on or before 11/30/15, .redemption at 100% until 8/15/15, redemption at 101% thereafter.

UOP: Partially fund a dividend to DuPont and GCP. BIZ: After the Separation from DuPont, Chemours will be an independent, publicly traded company and a global provider of performance chemicals through three reporting segments: Titanium Technologies, Fluoroproducts and Chemical Solutions. Chemours delivers customized solutions with a wide range of industrial and specialty chemical products for markets including plastics and coatings, refrigeration and air conditioning, general industrial, mining and oil refining.

WHISPERS: US$ 8yr nc3 6.50% area, Euro 8yr nc3 50-75bp inside US$, US$10-year nc5 6.75% area

QUINTILES TRANSNATIONAL HOLDINGS INC

Quintiles Transnational Holdings Inc, expected ratings Ba3/BB, announced a US$800m 8yr nc3 senior unsecured note offering via BARC(left)/JPM/MS/CITI/GS/WFS. Co-managers are BNP (Paris: FR0000131104 - news) /STRH. Roadshow (HKSE: 0888.HK - news) schedule: Monday 5/4 - New York, Tuesday 5/5 - Boston, pricing thereafter. 144a/RegS for life. US$101 COC put.

Equity clawback 40% for the first 3-years at par plus coupon. UOP: , to refinance its existing credit facilities, as well as for general corporate purposes, including corporate transactions and equity repurchases. BIZ: provider of biopharmaceutical development and commercial outsourcing services.

WHISPERS: T+300-325bp

PBF LOGISTICS

PBF Logistics, ratings tbd, announced a US$300m 8-year nc3 senior note offering via DB(left)/CITI. Joint-bookrunners are BAML/MUFJ/RBC (Other OTC: RBCI - news) /WFS. Co-managers are BARC/BNP/CA (NasdaqGS: CA - news) /CS/MS/UBS (NYSEArca: FBGX - news) . Roadshows began 5/4), with pricing scheduled for the end of this week. 144a/RegS w/reg rights. US$101 COC put.

Equity clawback 35% during the first 3-years. UOP: Finance a portion of the Delaware City Logistics acquisition, refinance borrowings under Revolver and GCP. BIZ: Fee based MLP (Xetra: 656990 - news) developed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.

WHISPERS: 7.25 - 7.50% (Reporting by Michael Gambale; Editing by Natalie Harrison)