Upsized Concordia, Charter, Univision price, new Concordia jumps; Chrysler, Mallinckrodt busy

By Paul A. Harris and Paul Deckelman

New York, April 13 – The new week kicked off in Junkbondland on Monday with a busy primary session, syndicate sources said.

They saw upsized drive-by offerings from cable operator Charter Communications, Inc. and Hispanic broadcaster Univision Communications Inc. – the former a $1.9 billion two-part transaction split into eight- and 10-year notes, the latter an $810 million add-on to the 10-year secured notes that the company originally sold back in late February. Both deals were quoted trading a little above their respective issue prices when they reached the aftermarket later in the day.

The syndicate sources also saw one regularly scheduled deal price off the forward calendar – Canadian pharmaceuticals company Concordia Healthcare Corp.’s upsized $735 million of eight-year notes. Traders said those bonds firmed smartly in secondary dealings.

All told, $3.46 billion of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers got done on Monday, in contrast to Friday’s session, which had seen no new high yield issues priced, though Thursday’s frenetic session had seen $6.6 billion of new paper from eight separate issuers come to market in nine tranches.

There was continued busy aftermarket action Monday in the big two-part deal from Fiat Chrysler Automobiles NV that had priced on Thursday, as well as last Wednesday’s two-part megadeal from pharmaceuticals maker Mallinckrodt plc.

Statistical market performance measures ended mixed for a fourth straight session on Monday.

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