Enerflex starts roadshow; Credit Suisse paper declines; Carnival notes perk up

By Paul A. Harris

Portland, Ore., Oct. 3 — Enerflex Ltd. began a high-yield roadshow during the first primary market session in October.

The Calgary-based energy services company came with a $625 million offering of five-year senior secured first lien, second out notes (expected ratings B2/BB-/BB-) on Monday.

The offering was heard to be playing to $425 million of demand on Monday afternoon, a sellside source said. The deal officially kicks off on a global investor conference call at 12:30 p.m. ET on Tuesday, and the roadshow is expected to wrap up on Wednesday or Thursday.

Latam Airlines remains in the market with a $1.5 billion offering of secured notes, market sources say.

Meanwhile, Credit Suisse’s high-yield paper dropped more than 5 points in heavy trading totaling more than $44 million Monday, a source said.

The company’s most active junk issue seen trading over the session was the 8¾% perpetual notes on $14.4 million of secondary volume. The issue dropped nearly 8 points by the day’s end.

Overall market tone was strong with stocks up and volatility lower on the day. The S&P 500 added 2.59%.

The iShares iBoxx High Yield Corporate Bond ETF climbed 93 cents, or 1.31%, to $71.97 by the close.

Carnival Corp.’s notes saw a slight pickup in mostly light trading after declining Friday following the cruise operator’s third quarter report.

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