Charter, Terex, William Lyon Homes drive by; new Silversea surges; Clayton Williams busy

By Paul Deckelman and Paul A. Harris

New York, Jan. 17 – The high yield market got back to work on Tuesday after a long holiday weekend

Primary activity – which had been intense last week – continued at a healthy clip, as more than $2 billion of new U.S.-dollar-denominated and fully junk-rated paper came to market from a trio of domestic issuers doing opportunistically timed and quickly shopped transactions.

Cable and broadband provider Charter Communications, Inc. had the big deal of the day, a $1 billion offering of 10-year notes via a pair of financing subsidiaries.

Traders said those new Charter notes moved slightly above their par issue price in initial aftermarket dealings.

Terex Corp., a manufacturer of construction cranes and vehicles, priced an upsized $600 million of eight-year notes.

Builder William Lyon Homes, Inc. rounded out the day’s new-deal action with a $450 million offering of eight-year notes.

In the secondary market, traders saw considerable activity in the new eight-year secured notes that luxury cruise ship operator Silversea Cruise Holding Ltd. had priced in an upsized transaction on Friday.

They also saw continued busy dealings in Thursday’s deals from diversified holding company Icahn Enterprises LP, Canadian oil-sands producer MEG Energy Corp. and communications infrastructure provider Zayo Group, LLC.

Away from the new issues, market sources said oil and natural gas producer Clayton Williams Energy Inc.’s bonds were busy on the news that the company will be acquired by larger sector peer Noble Energy, Inc.

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