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Sirius, Charter price; United Rentals at a premium; Venture Global active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 2 – August got off to a blazing start in the high-yield new-issue market with three issuers rolling out a total of four dollar-denominated tranches Monday.
Sirius XM Radio priced an upsized $2.5 billion amount (from $2 billion) of senior notes (Ba3/BB) in two tranches: $1 billion of 3 1/8% five-year notes and $1.5 billion of 3 7/8% 10-year notes.
Charter Communications priced an upsized $2 billion issue (from $1.25 billion) of 4¼% 12.5-year senior notes at par, in the middle of talk.
Altice Financing SA plans to price a $2.75 billion two-part offering of eight-year senior secured notes on Tuesday.
Meanwhile, it was a slow start to the week in the secondary space with the market flat and volume light as market players eyed the onslaught of new deals in the pipeline.
New and recent issues continued to dominate the tape.
United Rentals (North America), Inc.’s 3¾% senior notes due 2032 (Ba2/BB) were active with the notes holding on to the premium reached after breaking for trade.
Venture Global Calcasieu Pass LLC’s two tranches of senior secured notes (Ba3/BB) remained active with the tranches continuing to outperform in the secondary space.
As market players awaited Altice Financing SA’s megadeal, Altice USA subsidiary CSC Holdings Inc.’s 5¾% senior notes due 2030 were active although with little price movement.
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