Genesys Labs pricing opens short holiday week, Studio City on tap; new deals, energy up

By Paul Deckelman and Paul A. Harris

New York, Nov. 21 – The high yield primary market opened what is scheduled to be a short and probably not-so-busy week ahead of the Thanksgiving holiday in the United States with one pricing on Monday, as Genesys Telecommunications Laboratories, Inc. did a $700 million issue of eight-year notes, syndicate sources said.

Traders said the communications solutions company’s new deal moved to solidly higher levels when it hit the aftermarket.

They said that most of the new or recently priced issues were better on the day on Monday amid a general market upturn, including credits such as Hilton Grand Vacations Borrower LLC, EP Energy LLC and Tenet Healthcare Corp.

Even Bombardier, Inc.’s recently priced five-year offering, which has struggled from the get-go in the secondary arena, was seen a little firmer on Monday.

Among the names which have not yet priced, new-deal players were looking forward to a likely Tuesday pricing for Macau gaming and hotel operator Studio City Co. Ltd.’s $1.2 billion two-part secured paper offering.

And they said that Xerox Corp. spinoff Conduent Inc. downsized its planned eight-year notes deal to $500 million.

Away from the primaryside, traders said that energy names such as California Resources Corp., EP Energy’s existing bonds and Whiting Petroleum Corp. were up by multiple points, helped by a surge in world crude oil prices Monday on expectations that OPEC nations meeting in Vienna at the end of the month will cut global output in order to support prices.

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