Giant Altice, revived Presidio price to close out $8 billion week; new Altice bonds move up

By Paul Deckelman

New York, Jan. 30 – The high-yield primary market closed out the week in style on Friday, as one of the largest junk issues in recent memory – European cable and telecom operator Altice International’s $5 billion-plus multi-tranche dollar- and euro-denominated issue priced. Execution was crisp, as all five tranches priced inside of the price talk that had circulated on Thursday.

Traders said that the new Altice bonds firmed smartly right out of the gate as they began trading around, although they had come down a little from their peak levels by the time things wrapped up.

The day’s other dollar-denominated pricing came as something of a surprise, as Presidio Holdings Inc. – heard by market participants earlier in the week to have shelved the $400 million eight-year offering it had been shopping around due to a lack of investor interest – revived that deal, and restructured it into a two-tranche affair, with some of the original borrowing size now in the form of subordinated notes.

With Altice now having gotten done, syndicate sources saw another new deal almost as big on the horizon, as Italy-based gaming technology company Gtech SpA unveiled plans for a $5 billion equivalent multi-tranche euro- and dollar-denominated offering. It will roadshow the deal this coming week and price the bonds sometime in the week of Feb. 9.

Statistical measures of market performance were mixed on the day, after having been higher across the board on Thursday. For the week, those measures were also mixed, after having been higher last week.

© 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.