Upsized Cablevision, Rosetta price; Essar slates; Mirant, RRI up on merger, DynCorp on buyout

By Paul Deckelman and Paul A. Harris

New York, April 12 - Cablevision Systems Inc. priced $1.25 billion of eight-year and 10-year notes at par on Monday, high-yield syndicate sources said, a deal upsized from the originally announced $1 billion. The Bethpage, N.Y.-based cable system operator and professional sports team owner's behemoth of a drive-by deal lumbered into Junkbondland too late in the day for any aftermarket dealings, traders said.

They also saw no secondary activity in another late-breaking deal for Houston-based energy exploration and production company Rosetta Resources Inc., which priced $200 million of eight-year notes, also at par.

Primaryside players meantime heard that Indian steelmaker Essar Steel Holdings Ltd had begun a roadshow for its $500 million offering of seven-year notes. Also hitting the road with a deal was C&S Group Enterprises LLC, a Keene, N.H.-based wholesale grocery distributor, expected to price a $250 million offering of secured bonds around the end of this week.

In the secondary realm, last week's new issues, like ManTech International Corp., were heard to have pretty much held onto the gains they'd notched after their respective pricings.

DynCorp International Inc.'s bonds rose on news that the company - like ManTech, a Virginia-based defense contractor - is being taken private by Cerberus Capital Management LP.

And merger and acquisition news was also strengthening the bonds of independent power producers Mirant Corp. and RRI Inc., which announced plans to merge.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.