Morning Commentary: Liberty Interactive/Charter exchangeable rises; Jones Energy launches deal

By Rebecca Melvin

New York, Aug. 18 – An early market price for Liberty Interactive LLC’s newly priced 1.75% exchangeable for Charter Communications Inc. was seen at 103.5 bid, 103.75 offered on Thursday after the Englewood, Colo.-based media company priced an upsized $675 million of the senior debentures at the rich end of price talk, a New York-based trader said.

Charter’s common shares initially moved up but were last down 96 cents, or 0.4%, at $256.47.

Also in the new-issue arena, Jones Energy Inc. launched concurrent offerings of $50 million of perpetual convertible preferred stock and $50 million of common stock early Thursday. The deals were expected to price after the market close.

The common shares of Jones, an Austin, Texas-based independent oil and natural gas company, slumped in the early going and were last down 75 cents, or 21%, at $2.83.

Meanwhile, Dominion Resources Inc.’s 6.75% equity units were last up 2 cents at $51.37. The $1.25 billion deal began trading on the New York Stock Exchange on Thursday after initially pricing Aug. 10.

The common shares of the Richmond, Va.-based producer and transporter of energy were last down 24 cents, or 0.3%, at $76.39.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.