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National Amusements Plans Debt as Deals Pulled: New Issue Alert

National Amusements Inc., the movie-theater operator and holding company controlled by billionaire Sumner Redstone, is marketing debt after at least half a dozen other borrowers withdrew offerings.

National Amusements may sell $390 million of seven-year notes to refinance a bank credit line, according to a person familiar with the offering. The debt may be issued next week, said the person, who declined to be identified because terms aren’t set.

Performance Food Group Co. pulled a planned $550 million debt sale and WII Components Inc. withdrew a $115 million offering yesterday, according to people familiar with the transactions. Burlington Coat Factory Warehouse Corp., Ship Finance International Ltd., Yuzhou Properties Co. and Vietnam National Coal-Mineral Industries Group also canceled sales in the past week.

The extra yield investors demand to own speculative-grade corporate bonds rose 14 basis points to 604 basis points, the most in more than a month, as credit markets weakened amid growing concern over Europe’s debt crisis and increasing tensions in the Korean peninsula, according to the Bank of America Merrill Lynch U.S. High Yield Master II index. Yields on the debt climbed 8 basis points to 7.89 percent.

High-yield, high-risk bonds are rated below Baa3 by Moody’s Investors Service and less than BBB- by Standard & Poor’s. A basis point is 0.01 percentage point.

Yesterday’s Sales

Rain CII Carbon LLC sold $400 million of eight-year notes to lead $850 million of junk-bond issuance yesterday, according to data compiled by Bloomberg. High-yield sales of $1.56 billion this week compare with $4.36 billion during the comparable portion of last week, Bloomberg data show.

Investment-grade spreads widened 2 basis points to 177 basis points, according to the Bank of America Merrill Lynch U.S. Corporate Master index. Average yields on the debt fell 2 basis points to 3.77 percent, the index data show.

There were no investment-grade corporate bond sales by U.S. issuers yesterday, Bloomberg data show. Companies have issued $1.32 billion of the debt this week, versus $5.53 billion a week earlier.

The following is a description of at least $2.37 billion of pending sales of dollar-denominated bonds in the U.S.

Investment Grade

MACQUARIE GROUP LTD., Australia’s biggest investment bank, plans to sell hybrid securities denominated in U.S. dollars to offshore investors. The new securities will be unsecured, subordinated interests with non-cumulative distributions, Macquarie said in a regulatory filing. The Sydney-based bank will have an option to redeem them after five years or convert

HONGKONG ELECTRIC CO. hired HSBC Holdings Plc, Royal Bank of Scotland Group Plc and Standard Chartered Plc to manage a benchmark sale of 10-year dollar bonds, according to a person familiar with the matter. The sale of the senior, unsecured notes is expected in the near future, subject to market

FIRST GULF BANK PJSC plans to sell five-year dollar-denominated bonds that may yield between 3.25 percent and 3.5 percent, said three people familiar with the transaction, who declined to be identified because terms aren’t set. BNP Paribas SA, Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc and National Bank of Abu Dhabi PJSC are arranging meetings with

TRANSNET LTD., South Africa’s state-owned ports, rail and pipeline operator, said it may sell $1 billion worth of bonds in

High Yield

NATIONAL AMUSEMENTS INC., the movie-theater and holding company controlled by billionaire Sumner Redstone, plans to sell $390 million of seven-year notes to refinance a bank credit

MURRAY ENERGY CORP. plans to sell $150 million of seven-year senior notes, the Pepper Pike, Ohio-based company said in a statement distributed by Business Wire. Proceeds may be used to expand production capacity and preparation plan processing

CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E PARTICIPACOES, Brazil’s biggest homebuilder, hired Banco do Brasil SA, Credit Suisse Group AG, Itau Unibanco Holding SA and Morgan Stanley to arrange bond investor meetings, according to a person familiar with the matter. Cyrela will meet with investors in Asia, Europe and the U.S., said the person, who declined to be identified

DELONG HOLDINGS LTD., a Singapore-based steel trader, hired Credit Suisse Group AG to help it organize meetings with investors ahead of an international sale of guaranteed senior notes. Money raised will be used to redeem 5 percent convertible bonds due 2012, to repay bank loans and for acquisitions relating to iron ore and other raw materials used by the steel industry, the company said in a statement to Singapore’s stock exchange. The dollar-denominated notes were assigned a

FLAKEBOARD CO., the Canadian producer of fiberboard and particleboard used to build furniture and countertops, plans to sell $225 million of senior secured notes maturing in 2017, S&P

SPENCER SPIRIT HOLDINGS INC., the mall-based retailer of accessory and Halloween items, plans to sell $150 million of senior-secured notes due in 2016, according to a person familiar with the transaction. Proceeds may be used to repay existing debt and make a distribution to shareholders, said the person,

PT ENERGI MEGA PERSADA, Indonesia’s second-biggest listed oil company, hired Nomura Holdings Inc. to help it with a dollar

SI ORGANIZATION INC., the Lockheed Martin Corp. unit formerly known as Enterprise Integration Group, may sell $175 million of senior subordinated notes, according to Standard & Poor’s. Proceeds may be used with $340 million of bank debt and

TRANSDIGM GROUP INC., the aircraft-components manufacturer that’s buying rival supplier McKechnie Aerospace Holdings Inc., plans to sell $780 million of senior subordinated notes to help fund the acquisition, the Cleveland-based company said in a filing with the Securities and Exchange Commission. The company is also planning a $900 million term loan and a $300 million

Offerings in Pipeline

RURAL ELECTRIFICATION CORP., India’s state-controlled lender to power projects, hired Credit Agricole CIB, Royal Bank of Scotland Group Plc and Standard Chartered Plc to sell $500 million of bonds. Rural Electrification aims to price 5.5-year notes to yield between 195 basis points and 200 basis points more than similar-maturity U.S. Treasuries Finance Director Hari

JORDAN is selling $750 million of five-year bonds that will be priced to yield 4.125 percent, according to two people with knowledge of the sale. Arab Bank Plc, Credit Suisse Group AG,

AMERICAN INTERNATIONAL GROUP INC., the bailed-out insurer, plans to raise money in a debt sale as the company moves toward

PTT EXPLORATION & PRODUCTION PCL, Thailand’s only listed oil and gas explorer, plans to sell bonds denominated in U.S. dollars, according to a person familiar with the transaction. PTT Exploration hired Barclays Plc to manage the sale, said the person, who declined to be identified because terms aren’t set.

PTA BANK, or Eastern and Southern African Trade and Development Bank, hired HSBC Holdings Plc and Standard Bank Group Ltd. to arrange bond investor meetings in Europe and Asia, according to two people with knowledge of the sale. The meetings will be held in Hong Kong, Singapore, Zurich, Geneva and London, said the people, who declined to be identified because terms

MAQUINARIA ESPECIALIZADA MXO TRUST, a special-purpose company expected to provide construction machinery services to Corporacion GEO SAB de CV, hired Banco Santander SA to arrange bond investor meetings, according to a person with knowledge of the sale. A dollar bond sale may follow the meetings, to be held

CREDIT BANK OF MOSCOW plans to sell five-year dollar bonds, according to a person familiar with the transaction. The sale of

DOHA BANK QSC, Qatar’s third-largest bank, hired Morgan Stanley and JPMorgan Chase & Co. to manage a planned $500 million bond sale, its chief executive officer said. The offering, announced on the Qatar Exchange website, will be

BELARUS may sell debt in the U.S. and Asia, according to Finance Minister Andrei Kharkovets. “We will undoubtedly enter the Asian and the American markets,” Kharkovets said in an Oct.

GEORGIAN RAILWAY LLC, the former Soviet republic’s state-owned rail company, is preparing a bond roadshow in the U.S.,

AL BARAKA BANK EGYPT ESC, a unit of Bahrain-based Albaraka Banking Group, may sell dollar-denominated Islamic bonds in the

TURKIYE IS BANKASI AS hired JPMorgan Chase & Co., the Royal Bank of Scotland Plc, Standard Bank Plc and Standard Chartered to help find buyers for a planned bond sale during meetings in the U.S. and Europe. Isbank made the announcement to the Istanbul Stock Exchange after the market regulator approved a

AEGIS LTD., an outsourcing unit of Essar Group, may sell the first non-convertible dollar bonds from an Indian information technology company. The company, which bought PeopleSupport Inc. in 2008, may sell its bonds as part of a financing package that would include a loan of as much as $350

JSW STEEL LTD, India’s third-largest steelmaker, plans to sell dollar bonds for the first time in three years and as rupee-denominated finance costs rise. JSW has applied for credit ratings before a possible offshore bond sale to help build a 200

ARGENTINA may sell $1 billion of bonds due in 2017, El Cronista newspaper reported, without saying how it obtained the information. The government is also planning to offer an

INDONESIA plans to name three banks to help it sell about $650 million of Islamic bonds, Dahlan Siamat, director for Islamic financing at the finance ministry, said in a telephone

URUGUAY may sell as much as $1 billion of bonds in 2011, including $500 million of dollar-denominated debt, Carlos Steneri, director of public credit at Uruguay’s Ministry of Economy and Finance, said June 3 at a Latin Finance conference

MALAYSIA plans to raise about $1 billion from its first sale of conventional dollar bonds in eight years after drawing bids for five times the Islamic debt it offered, a finance ministry official said. The government may hire banks including CIMB Group Holdings Bhd. and HSBC Holdings Plc to arrange the sale by Sept. 30, said the official, who declined to be named as the discussions are private. Malaysia raised $1.25 billion from

GHANA is considering selling its second dollar bond in 2011 to tap investor demand as the start-up of oil production boosts economic growth and narrows the budget deficit, Deputy Finance Minister Fifi Kwetey said. The government was considering a “no-deal roadshow” to gauge international investors’ appetite, Kwetey said in a May 26 interview in Abidjan. Ghana sold its

MONGOLIA plans to raise $500 million selling bonds in 2010 and the remainder of a planned $1.2 billion program will be sold according to market conditions, Batbayar Balgan, director general of the financial and economic policy department of Mongolia, said at a forum in Ulan Bator on June 16. The government scaled back its plans for global bond sales after Europe’s debt crisis drove up borrowing costs. Investment banks are advising Mongolia to issue debt with maturities of 5 years to 10 years, Finance Minister Sangajav Bayartsogt said in a Feb.

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