Primary remains quiet, but calendar builds; Century Communities on tap; Revlon bonds fall

By Paul Deckelman

New York, May 8 – The high-yield primary market had a second consecutive session Monday during which no U.S. dollar-denominated and fully junk-rated paper from domestic or industrialized-country borrowers priced.

However, syndicate sources saw the forward calendar grow as a series of deals were announced. One of those offerings was expected to come to market as early as Tuesday.

The sources said that homebuilder Century Communities Inc. is likely to price a $300 million issue of eight-year notes.

CareTrust REIT, Inc., a real estate investment trust, is also doing a $300 million eight-year offering. It was heard to have begun an investor roadshow on Monday that will run through Wednesday, with pricing expected thereafter.

Also hitting the road ahead of anticipated mid-week pricing was CDK Global, Inc., a provider of integrated information technology and digital marketing to the automotive retail industry. Its $500 million of 10-year notes are expected to price around mid-week.

Salem Media Group Inc., which provides Christian and politically conservative media content, plans to sell $225 million of seven-year secured paper, which is expected to price after the conclusion of its roadshow on Thursday.

Traders said recent new issues such as Wynn Resorts Ltd. and New Gold Inc. continued to trade at a premium to the par level at which they priced last week.

Revlon Consumer Products Corp.’s bonds were in retreat after the cosmetics company reported disappointing quarterly results.

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