Cable One prices; Consolidated Communications and PaperWorks add on; Tuesday deals busy

By Paul A. Harris and Paul Deckelman

New York, June 3 – The high-yield primary market took a step backward on Wednesday, dialing down the pace of new-issue activity and pricing just three new offerings.

The big deal of the day was Cable ONE, Inc.’s $450 million issue of seven-year paper, a regularly scheduled forward calendar offering. Traders said the new bonds firmed in initial aftermarket dealings.

Consolidated Communications, Inc. did a $300 million addition to its 2022 notes, while PaperWorks Industries, Inc. brought a $90 million tap of its 2019 secured notes to market.

The day’s new issuance came to just $834 million of new U.S.-dollar-denominated, fully junk-rated paper from domestic or industrialized-country borrowers – a drop in the bucket versus the $5.54 billion of such bonds from five issuers that got done in seven tranches on Tuesday.

Traders meantime saw brisk aftermarket activity in Tuesday’s various issues, none more so than Tenet Healthcare Corp.’s giant-sized two-part offering, which racked up giant-sized trading volume for the two tranches totaling more than $400 million, easily the busiest credits of the day in Junkbondland; both were seen having moved up on the session.

There was also respectably active trading volume in the new deals from AMC Entertainment Inc., Informatica Corp., NXP BV and Ferrellgas Partners, LP.

© 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.