Hilcorp, JBS, VistaJet price; Tuesday deals busy; Altice, Cequel off on Suddenlink deal

By Paul A. Harris and Paul Deckelman

New York, May 20 – The high-yield primary arena continued to produce new deals on Wednesday, with syndicate sources seeing three single-tranche offerings getting done.

The big deal of the day was a quickly shopped, upsized $900 million of 10-year notes from JBS USA LLC.

Also driving by was Hilcorp Energy I LP, with $500 million of 10.5-year notes.

One regularly scheduled offering priced off the forward calendar – VistaJet Holding SA’s downsized $300 million of five-year paper, via a financing subsidiary.

The session’s $1.7 billion of new dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers was down from the $2.27 billion that priced on Tuesday, according to data compiled by Prospect News.

Traders saw the new Hilcorp notes trading around their issue prices, with the day’s other two deals unseen.

They also saw busy activity in the trio of deals that had come to market on Tuesday from EP Energy Corp. and Energy Transfer Equity, LP, the day’s volume leader and runner-up, respectively, and from Blue Coat Holdings, Inc.

Away from the new deals, the news that European cable operator Altice SA will gain a foothold in the U.S. cable market by buying control of Suddenlink pushed Altice’s bonds lower in busy trading, with even bigger losses seen in the bonds of Suddenlink corporate parent Cequel Communications.

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