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Sunoco megadeal, Ingevity price; new Sunoco, L Brands busy; Cablevision off ahead of deal
By Paul Deckelman and Paul A. Harris
New York, Jan. 9 – The 2018 revival of the high-yield primary market continued for a second consecutive session on Tuesday, as syndicate sources reported that two new dollar-denominated and fully junk-rated offerings got done, including the first megadeal-sized billion-dollar plus transaction.
Motor fuel and petroleum products distributor Sunoco LP and its Sunoco Finance Corp. unit priced an upsized $2.2 billion three-part offering consisting of five-, eight- and 10-year paper.
All three tranches were seen trading actively at somewhat higher levels when they hit the aftermarket.
The day’s activity also included a $300 million eight-year deal from packaging company Ingevity Corp.
Both of those deals came off the forward calendar.
Besides those two purely high-yield offerings, market participants noted that Jabil Inc., a provider of electronic manufacturing design solutions, did a split-rated (Ba1/BBB-/BBB-) $500 million 10-year offering.
Back in the purely junk category, Monday’s deal from retailer L Brands, Inc., traded actively, but was little changed on the day.
The syndicate sources meantime said that CSC Holdings, LLC is shopping a new offering around, the proceeds of which will be used to fund a dividend to its corporate parent in connection with the pending separation of European cable and telecommunications giant Altice NV from its Altice USA, Inc. unit, which owns U.S. cable operator Cablevision. Ahead of that deal, Cablevision’s existing bonds, and those in the Altice capital structure, traded busily, and at lower levels.
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