Canbriam prices small add-on, Altice slates big deal, calendar grows; Charter, Fortescue climb

By Paul A. Harris and Paul Deckelman

New York, May 26 – The high-yield primary market swung back into action on Tuesday following the long Memorial Day holiday break.

Just one deal – a smallish add-on to existing bonds – was heard by syndicate sources to have priced.

However, they saw considerable behind-the scenes activity as several prospective issuers unveiled their planned bond deals.

The sole pricing was a quickly-shopped $100 million add-on to Canadian oil and natural gas operator Canbriam Energy Inc.’s 2019 notes. It was not seen in the aftermarket.

There was, however, a fair amount of activity in recently priced issues, including Thursday’s offerings from Paramount Resources Ltd., Berry Plastics Corp. and Plantronics, Inc.

Away from the credits which have already priced, primaryside players saw a slew of would-be issuers begin shopping their deals around to prospective investors. The most notable of these was European cable provider Altice SA’s $1.72 billion three-part bond issue, part of the financing for its acquisition of a majority stake in U.S. cabler Suddenlink Communications.

Cable industry merger and acquisition activity was also a factor away from the primary arena, with traders seeing Charter Communications Inc.’s paper better across the board on the news that it has agreed to acquire larger rival Time Warner Cable Inc. as well as acquiring smaller sector peer Bright House Networks in a cash-and-stock deal.

Statistical measures of market performance were mixed for a second consecutive session.

© 2015 Prospect News.
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