HCA, Virgin Media, SunCoke Energy price, head higher; energy names off as oil slides again

By Paul Deckelman and Paul A. Harris

New York, Jan. 13 – The high-yield primary sphere got busier than the day before for a third consecutive session on Tuesday, syndicate sources said, as issuers priced $1.6 billion of new dollar-denominated, fully junk-rated paper.

HCA Holdings, Inc. brought an upsized and quickly shopped $1 billion issue of 10-year notes via a funding subsidiary. Those bonds traded up solidly when they hit the aftermarket and were the single busiest credit of the day.

Virgin Media, Inc. priced $400 million of 10-year notes as part of a three-part offering denominated in dollars, euros and sterling. Those notes, sold as a regularly scheduled forward calendar offering, also headed higher when they were freed to trade.

And metallurgical coke company SunCoke Energy Partners, LP did a quick-to-market $200 million add-on to its existing 2020 notes; the new notes were also quoted higher when they hit the aftermarket.

Traders also saw dealings in offerings that had priced on Friday and Monday from NCI Building Systems, Inc., Centene Corp., Open Text Corp. and Aircastle Ltd.

Away from the new deals, it was yet another tough day in the energy space for credits such as Linn Energy, LLC, Swift Energy Co. and California Resources Corp., as oil prices continued to fall for most of the day – although crude did come off its lows to post a small gain.

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