Upsized CSC, Moss Creek cap $7.3 billion week; recent deals ease but still higher

By Paul Deckelman and Paul A. Harris

New York, Jan. 12 – The high-yield primary market closed out its first week of new issuance this year on Friday with a trio of deals collectively worth $1.8 billion.

CSC Holdings, LLC – part of cable operator Cablevision, now a unit of Europe’s Altice NV – priced $1 billion of 10-year guaranteed notes after doubling the deal in size from an originally shopped$500 million.

Oil and natural gas exploration and production operator Moss Creek Resources Holdings, Inc. also did an upsized deal, bringing $700 million of eight-year notes to market.

Standard Industries Inc., a diversified holding company active in the building materials industry, did a $100 million add-on to its existing $900 million of 10-year notes.

The day’s three new deals brought issuance for the week up to $7.3 billion, running a little bit ahead of the of the pace seen at this time last year.

Traders meantime said that recently priced issues like Ensco plc, Ardagh Group SA and Aramark Services Inc. came off their peak levels seen earlier in the week.

But they said that those deals were still trading at healthy premium to their issue prices.

Statistical market performance measures turned mixed on Friday, after finishing higher across the board on Thursday, which in turn followed two straight lower sessions before that.

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