Suburban Propane drives by, Symantec prices, gains; new Post, AmeriGas issues active

By Paul Deckelman and Paul A. Harris

New York, Feb. 7 – The high-yield primary market dialed things down a couple of notches on Tuesday as just one new deal worth $350 million priced during the session.

That was but a small fraction of the more than $3 billion of new U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers that had come to market in five tranches on Monday.

Suburban Propane Partners, LP priced its quickly shopped $350 million of 10-year notes – the second transaction to come out of the propane distribution segment of the energy sector in as many days, following sector peer AmeriGas Partners, LP’s $525 million of 10.25-year notes which got done on Monday, also a quick-to-market issue.

Traders later saw the new Suburban Propane bonds modestly firmer in the aftermarket.

The day’s other pricing came in the crossover arena, as computer security company Symantec Corp. did a split-rated and upsized $1.1 billion of 8.25-year notes as a regularly scheduled forward calendar deal.

Those new bonds were seen to have firmed when they were freed to trade, in active volume.

In the secondary realm, traders meantime saw busy dealings in some of Monday’s credits, notably the AmeriGas Partners deal and consumer packaged food products company Post Holdings Inc.’s quickly shopped and upsized $1.75 billion two-part deal, with the latter deal seen firming from Monday’s aftermarket levels.

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