Novolex on tap, Icahn on the road; Sabine Pass up on ratings boost, Valeant on asset sale

By Paul Deckelman and Paul A. Harris

New York, Jan. 10 – For a third straight session, no new issues were priced on Tuesday in the high yield market – but syndicate sources said one of the deals currently being marketed had a good chance of appearing during Wednesday’s session.

They said that price talk surfaced on packaging company Novolex Holdings, Inc.’s planned $625 million issue of eight-year notes, with the books scheduled to close on that deal during the afternoon on Wednesday and pricing expected soon thereafter.

New-deal players were also expecting to soon see physician services organization Team Health Holdings, Inc.’s $1.015 billion of eight-year paper, a deal said to already be well oversubscribed.

And billionaire investor Carl Icahn’s eponymous diversified holding company, Icahn Enterprises LP, was heard to have begun a roadshow for a $900 million two-part offering of five- and seven-year notes.

Away from the new deals, split-rated Sabine Pass Liquefaction LLC’s several series of notes easily dominated the day’s Most Actives list after Fitch Ratings raised the liquefied natural gas company’s ratings to investment grade status, with its shorter-dated paper mostly higher on the day, while its longer-dated bonds gave up ground.

Valeant Pharmaceuticals International, Inc.’s bonds shot up in active trading on the news that the Canadian drug manufacturer has lined up about $2 billion of asset sales as one step in whittling down its massive debt load.

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