Jones Energy quiet after pricing at the cheap end; Liberty Interactive/Charter quiet

By Rebecca Melvin

New York, Aug. 19 – Jones Energy Inc.’s new 8% convertible preferred shares were quiet on Friday after the Austin, Texas-based oil and gas company priced an upsized $80 million of the perpetual shares at the cheap end of talk.

Although upsized to $80 million from $50 million, the Jones deal was still small and seen as unlikely to have much follow-through trade after initial pricing, a New York-based trader said.

The Jones Energy convertible preferreds came concurrently with $58.2 million of Jones Energy common shares. Entities affiliated with one of the issuer’s material beneficial owners, JVL Advisors LLC, were expected to purchase 9 million of the issuer’s initial common offering, and thereafter own about 20% of the company’s outstanding class A common stock and class B common stock.

Liberty Interactive LLC’s 1.75% debentures exchangeable for Charter Communications Inc. stock were also quiet on Friday after the new deal debuted on Thursday. It had jumped 2 points on a dollar-neutral, or hedged, basis and was seen around 103 at the end of Thursday, but there was no follow-through trading in the new Liberty/Charter issue on Friday.

“There was nothing today [in Liberty], surprisingly,” a New York-based trader said.

Elsewhere, there was a smattering of trade, but the market was mostly quiet and in line as the ramp up to one of the last summer weekends thinned the ranks of market players.

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