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Rice Energy, HC2 drive by; new Rice gains; calendar grows; Comstock up on capex, Haynesville news
By Paul A. Harris and Paul Deckelman
New York, March 23 – The high-yield primary sphere opened the new week on Monday with a pair of drive-by deals totaling $447 million of new dollar-denominated, fully junk-rated paper, an improvement from Friday’s goose egg.
Rice Energy Inc. was heard by syndicate sources to have priced $400 million of eight-year notes. The bonds came to market at a discount, with traders hearing that they had firmed by at least a point when they hit the aftermarket.
There was also a $50 million add-on issue from HC2 Holdings, Inc., which augmented the $250 million of five-year secured notes that it sold last November. That issue was not seen trading around in the market.
Last Thursday’s megadeal from drugstore chain operator Rite Aid Corp. continued to firm in active trading, as did Thursday’s other new issue, from electronic components manufacturer Sensata Technologies BV.
Away from the issues already priced, the syndicate sources said that the forward calendar grew solidly on Monday, with issuers including Sunoco LP, Townsquare Media Inc. and VeriSign Inc. shopping deals.
Comstock Resources, Inc.’s bonds firmed smartly after the independent oil and natural gas company announced plans to cut its capital spending, in line with lower revenues amid weakened oil prices, but also reported progress in its drilling operations in the Haynesville Shale geologic formation in eastern Texas and northern Louisiana.
Statistical indicators of junk market performance were higher on Monday versus their levels the session before, marking their second consecutive gain.
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