Charter shops $1.5 billion 10.5-year notes; new First Quality active; energy issues down

By Paul Deckelman

New York, June 21 – Charter Communications Inc. was marketing a $1.5 billion issue of 10.5-year notes to potential investors on Wednesday, high-yield syndicate sources said.

However, while the cable and broadband provider’s quickly shopped megadeal had been expected to price via a pair of funding subsidiaries during the afternoon hours, no word on whether that had in fact happened as scheduled.

The primary arena was otherwise fairly quiet. British insurer Phoenix Group Holdings said in a regulatory filing that it would look to issue an as yet undetermined amount of dollar-denominated 10-year securities in a Tier II funding transaction.

Elsewhere, prospective issuers such as j2 Cloud Services LLC, Werner Com., CSVC Acquisition Co. and Exela Technologies continued to market their respective deals via ongoing investor roadshows.

Among recently priced issues, traders saw respectably brisk volume in First Quality Finance Co., Inc.’s new eight-year notes, which had priced on Tuesday.

Energy credits such as California Resources Corp., Halcon Resources Corp., Whiting Petroleum Corp. and Chesapeake Energy Corp. continued to lose ground on lower energy prices.

Statistical market performance measures remained lower across the board on Wednesday, their second straight session on the downside. They had turned southward on Tuesday after having been mostly better on Monday.

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