Upsized Netflix prices; calendar builds; Altice busy; Alta Mesa dives as asset sale fails

By Paul Deckelman

New York, Feb. 2 – Netflix Inc. opened the new month on Monday by bringing an upsized and quickly shopped $1.5 billion two-part offering to market. The movie and television content distributor’s deal was the day’s sole pricing seen in the dollar space.

High-yield syndicate sources also heard of a smallish pricing out of Europe, as Norwegian paper producer Norske Skog AS did an upsized €290 million offering of four-year secured notes.

Elsewhere in the primary sphere, the forward calendar was building, slating deals from prospective issuers Western Refining Logistics LP, Service King Collision Repair Centers and CrownRock LP.

Meanwhile, a deal already on the calendar – for Swiss packaging manufacturer SIG Combibloc via Onex Wizard Acquisition Company II SCA – was restructured and downsized, with a planned dollar-denominated tranche dropped, leaving just a euro-denominated piece of paper.

Among deals that have already come to market, Friday’s behemoth offering from European cable and telecom company Altice International was easily the busiest name in Junkbondland, although traders saw both the secured and the unsecured dollar-denominated tranches trading off from Friday’s initial post-pricing gains.

Away from the new issues, traders said that energy operator Alta Mesa Holdings LP’s notes were down sharply, although not on very much actual volume, in response to the company’s announcement of the cancellation of a planned $210 million asset sale because of an alleged material breach of the sale agreement by the other party.

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