US HY CLOSE- Two deals price for US$1bn, one still expected

By Mike Gambale

NEW YORK, March 17 (IFR) - Here's a recap of primary issuance in the US high-yield market on Tuesday:

Number of deals priced: 2

Total (Swiss: FP.SW - news) issuance volume: US$1bn

*Fortescue also due to price a US$2.5bn deal

PRICED DEALS

VIRGIN MEDIA

Virgin Media Secured Finance PLC, rated Ba3/BB-, announced a US$500m/GBP550m dual senior secured debt offering via DB(left)/BAML/BARC/BNP (Paris: FR0000131104 - news) /CITI/GS (KSE: 078935.KS - news) /HSBC/SG. Investor (Other OTC: IVSBF - news) call was today (16Mar) at 10am, with pricing expected tomorrow (17Mar). 144a/RegS w/o reg rights. Special redemption 10% per annum at 103%. UOP: Refinance existing debt including term loans and a portion of existing senior secured notes. BIZ: A subsidiary of Liberty Global (NasdaqGS: LBTYA - news) that provides digital cable, broadband internet, fixed-line telephony and mobile services in the U.K. Structure will consist of the following:

- GBP550m. Due 1/15/2027 NC6

- US$500m. Due 1/15/2026 NC5

PRICE TALK: GBP550m 4.75% area, US$500m 5.25% area. First (Shanghai: 603806.SS - news) pay 1/15/16. Books close at 5pm today, with pricing scheduled for tomorrow (17Mar).

PRICED: First pay 1/15/16. Settlement date 3/30/15.

- US$500m. Cpn 5.25%. Due 1/15/26. Ip par. Yld 5.25%. +316bp vs. 2/15/26 UST. Call schedule: 1/15/20 at 102.625, 1/15/21 at 101.313, 1/15/22 at 100.656, 1/15/23 and thereafter at par. Cusip # 92769XAL91.

- GBP525m (downsized from GBP550m). Cpn 4.875%. Due 1/15/27. Ip par. Yld 4.875%. +300bp vs. UKT 4.25% 12/7/27. Call schedule: 1/15/21 at 102.438, 1/15/22 at 101.219, 1/15/23 at 100.609, 1/15/24 at par. ISIN # XS1207459139.

MASCO CORP

Masco Corporation (NYSE: MAS - news) , Ba3/BBB/BB+ (p/s/s), announced a USD500m (no grow) SEC-Reg (Madrid: SL001.MC - news) 10-year (4/1/25) unsecured note offering via CITI/DB/JPM/RBC (Other OTC: RBCI - news) /STRH. Make-whole call applies, 3-month par call. USD101 COC put. UOP: General corporate purposes, which may include making additions to our working capital, repaying indebtedness, financing acquisitions and investments in new or existing lines of business. Settlement date 3/24/15.

WHISPER: Mid to high 4s

PRICE TALK: 4.50% area (+/-5bp)

LAUNCH: US$500m at 4.45%

PRICED: USD500m. Cpn 4.45%. Due 4/1/2025. Ip par. Yld 4.45%. T+239bp. MWC T+40bp.

DUE TO PRICE TUESDAY:

FORTESCUE METALS GROUP (FMG)

Fortescue Metals Group is readying a USD2.5bn 7-year nc3 senior secured debt offering via CS/JPM. The deal is expected to price tomorrow (17Mar). UOP: offer to holders of its 2017, 2018 and 2019 Senior Unsecured Notes ("the Notes") to tender their Notes for repurchase, subject to a cap on the 2019 notes. BIZ: Fortescue Metals Group Ltd is an Australian iron ore company. Fortescue is the fourth largest Iron ore producer in the world as of March 2011.

Whisper high 7.00% area

PRICE TALK: 8.00 - 8.25% with OID to yld 8.50%. Pricing expected later today.

DEALS IN THE PIPELINE

INFOR INC

Infor Inc. is looking to raise a new USD1.4bn-equivalent 7NC3 senior bond, split into US dollar and euro tranches. The Caa1/B- rated deal will be used to repay the company's outstanding USD1.015bn 9.375% and EUR250m 10% 2019 senior notes. A European roadshow will run from March 16 to 18. BofAML is lead-left bookrunner, with other bookrunners Angel Island, Credit Suisse (NYSE: CS - news) , Morgan Stanley (Xetra: 885836 - news) , Barclays (LSE: BARC.L - news) , RBC, Deutsche Bank (Xetra: 514000 - news) , Goldman Sachs (NYSE: GS-PB - news) and KKR. Citi is a co-manager.

WHISPER: Low 6% area on US$

PRICE TALK: US$ 6.25-6.50%. Books close at 5pm today (17Mar). Euro 5.50-5.75%, Books close tomorrow at 11am GMT.

(Reporting by Michael Gambale; Editing by Natalie Harrison)