Pricing scene quiet, though calendar builds; recent deals quiet; Intelsat Jackson jumps

By Paul Deckelman

New York, March 5 – Beginning the first full trading week in March, the high-yield primary market fell silent on Monday, with no U.S.-dollar-denominated and fully junk rated paper seen having priced.

But there was activity going on behind the scenes, as the forward calendar saw a slew of new-deal announcements.

Travel industry services provider Travelport Worldwide Ltd. was heard by high-yield syndicate sources to have begun a roadshow for a proposed $650 million offering of eight-year senior secured notes.

CNX Midstream Partners LP and its CNX Midstream Finance Corp. subsidiary were preparing to hit the road on Tuesday to sell investors on a $400 million eight-year notes deal.

Two companies that provide compression equipment and services for oil and natural gas producers were heard to be in the market.

USA Compression Partners, LP plans to sell $725 million of eight-year senior notes.

And CSI Compressco LP and its CSI Compressco Finance Inc. subsidiary were heard to be offering some $350 million of seven-year secured paper.

Away from the upcoming deals, secondary market traders reported a lackluster Monday in Junkbondland, with little activity seen even in recent new issues such as Friday’s add-on from builder Meritage Homes Corp. or Thursday’s megadeal from global power producer AES Corp.

However, satellite communications company Intelsat Jackson Holdings SA was moving up on decent volume.

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