Altice, Transocean price; Range Resources on deck; Tegna, WPX, Nabors, M/I Homes at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 8 – The high-yield primary market continued at an active pace on Wednesday with two deals pricing and one more joining the forward calendar.

In a deal that accelerated its timing, Altice Financing SA raised €1.7 billion and $1.2 billion in three tranches of secured notes (B2/B).

Transocean Ltd. priced $750 million of seven-year senior priority guaranteed unsecured notes (existing ratings Caa1/B-) in a Wednesday drive-by.

The forward calendar also grew with Range Resources Corp. expected to price a $500 million offering of six-year senior notes (existing ratings B1/BB) on Thursday, according to market sources.

Meanwhile, the new paper was in focus in the secondary space with the issues to price during Tuesday’s session performing well.

Nabors Industries Ltd.’s two tranches of senior notes (Ba2/BB-/BB-), WPX Energy, Inc.’s 4½% senior notes due 2030 (B1/BB-/BB) and M/I Homes Inc.’s 4.95% senior notes due 2028 (B1/BB-) each gained more than 1 point in the aftermarket.

While Tegna Inc.’s 4 5/8% senior notes due 2028 (Ba3/BB) were trading at a premium to their issue price, they did not reach the same level as the other deals to have hit the secondary space on Tuesday.

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