Crown Rock, Valeant, Scientific Games drive by; new Caesars notes busy, Murray up

By Paul Deckelman and Paul A. Harris

New York, Oct 2 – The first trading day of the new month, and of the fourth and final quarter of the calendar year, turned out to be a busy one, with three issuers each heard by syndicate sources to have brought an opportunistically timed and quickly shopped offering to market, two of them in megadeal-sized territory.

All three offerings were eight years in length.

CrownRock, LP, an oil and natural gas exploration and production company, priced $1 billion of unsecured eight-year notes, while Valeant Pharmaceuticals International, Inc., a Canadian drug manufacturer, came by with a $1 billion tranche of senior secured eight-year paper.

Late in the evening, syndicate sources indicated that Scientific Games Corp. had also done an eight-year deal, although full transaction terms were not immediately available.

Traders said that the new Crown Rock and Scientific Games offerings had firmed modestly in initial aftermarket dealings, the latter transaction on brisk volume.

They also saw continued heavy volume in Friday’s big new issue from gaming giant Caesars Entertainment Corp., with the new notes heard to have given back some of the gains they had initially notched.

Away from the new deals, coal operator Murray Energy Corp. was on the upside in active trading for a second straight session on Monday, helped by news late last week of a Department of Energy proposal aimed at preventing additional premature closures of certain coal-fired power-generating facilities.

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