Noble deal upsizes; RCN Grande, Itron add-on, Toll also price; Tuesday deals trade busily

By Paul Deckelman and Paul A. Harris

New York, Jan. 17 – It was another busy session in the high-yield primary market on Wednesday as a trio of junk-rated issuers pushed out some $1.15 billion of new paper, although that was only around half of the $2.35 billion volume seen on Tuesday, owing to the lack of any megadeal-sized offerings.

However, global energy drilling firm Noble Corp. did price an upsized $750 million of eight-year guaranteed notes, which were heard to have gained more than 1 point in busy aftermarket dealings.

Also pricing were $300 million of five-year notes from cable, internet and telecom services provider RCN Grande and a $100 million addition by technology and services company Itron Inc. to the $300 million of 2026 notes that it sold in December.

The day also saw an upsized and split-rated 10-year offering from homebuilder Toll Brothers Inc., which saw some secondary trading.

There was meanwhile considerable aftermarket activity in Tuesday’s three new deals – from Hologic, Inc., Nabors Industries, Inc. and Olin Corp., dominating the day’s Most Actives list.

Statistical market performance measures turned lower across the board on Wednesday after having been mixed for two straight sessions before that. The indicators had first turned mixed on Friday and stayed that way on Tuesday following Monday’s holiday market close. The mixed sessions had followed a higher session last Thursday, which in turn had followed two straight lower sessions before that.

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