Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Suddenlink Communications > News item |
Altice three-parter, Tops cap nearly $9 billion week; new SandRidge slides in heavy trading
By Paul A. Harris and Paul Deckelman
New York, May 29 – The high-yield primary market closed out the week on Friday – and trading for the month of May – on a busy note by pricing two deals, one of them a giant-sized three-part offering.
That regularly scheduled forward calendar deal, from European cable, broadband and voice communications provider Altice SA in support of its pending acquisition of U.S. cabler SuddenLink Communications, totaled $1.72 billion and came to market via three financing subsidiaries, consisting of a tranche of eight-year secured paper and two tranches of 10-year unsecured paper.
Traders did not see any initial aftermarket activity in the late-pricing deal.
That offering largely overshadowed the day’s other transaction, a scheduled and slightly upsized $560 million issue of seven-year secured paper from supermarket operator Tops Holding LLC. That priced earlier in the session. Traders said the new Tops bonds moved higher in active aftermarket dealings.
The day’s issuance brought the week’s total of new junk bonds to $8.97 billion in 15 tranches, up from the $6.39 billion that had come to market the previous week, ended Friday, May 22.
Traders said that besides the brisk trading in the aforementioned new Tops Holding bonds, Friday’s secondary market was characterized by even more active trading in new issues which had priced Thursday, from oil and natural gas operators SandRidge Energy Inc. and MarkWest Energy Partners, LP. But while the latter bonds firmed on the day, the SandRidge notes – easily the day’s busiest issue – lost ground and were trading well below their issue price.
© 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.