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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hospitality Properties Trust | NASDAQ:HPT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.28 | 25.00 | 25.51 | 0 | 01:00:00 |
By Mike Cherney
Procter & Gamble Co. (PG) led a brace of investment-grade companies tapping the corporate-bond market Thursday, with firms seeking to borrow more than $2 billion in what is shaping up to be a busy week.
Besides Procter & Gamble, which seeks to sell a $1 billion 18-month floating-rate note, gas-pipeline firm Williams Partners LP (WPZ) announced plans to sell $750 million in 10-year bonds, while Hospitality Properties Trust (HPT) and truck-financing firm Paccar Financial Corp. said they would each seek to borrow $300 million for 10 and three years, respectively.
The deals come after more than $6 billion in corporate debt priced Wednesday, said Scott MacDonald, head of research at MC Asset Management Holdings. He estimated the total on the week at roughly $20 billion and said "we've been active this month so far" given that all of August usually averages about $50 billion in new issuance.
Uncertainty over the presidential election this fall and low rates likely are leading companies to borrow now. Investors appear happy to accommodate them, Mr. MacDonald said.
"The corporate-bond market is a relative safe harbor compared to a lot of other sectors," he said. "For institutional investors, I think it still remains more attractive. And it certainly beats keeping your money in a money market."
Williams Partners will use the proceeds of its deal to repay about $400 million under a credit facility that was used for capital expenditures, working capital and other expenses, according to a prospectus. Any excess will be used for general partnership purposes.
Proctor & Gamble also said it will use its proceeds for general corporate purposes.
Hospitality Properties said it would prepay $287 million in notes that come due in February 2013 as well as use proceeds for general business purposes, such as hotel renovations, rebranding costs and potential future acquisitions.
Write to Mike Cherney at mike.cherney@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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