Aramark drives by; new Sunoco busy, better; Ensco active amid tender, upcoming new deal

By Paul Deckelman and Paul A. Harris

New York, Jan. 10 – The high-yield market saw new issuance for a third consecutive session on Wednesday as the primaryside continued to make up for lost time after having not done any deals in the whole first week of the new year.

Food service and uniform supplier Aramark Services, Inc. priced $1.15 billion of new 10-year notes in a quickly shopped offering.

Traders did not immediately report any initial aftermarket activity in the new bonds.

But they saw plenty of dealings in the three tranches of notes that gasoline and petroleum products distributor Sunoco LP and its Sunoco Finance Corp. funding unit brought to market on Tuesday.

All three tranches of that regularly scheduled forward calendar deal firmed smartly on Wednesday, adding to their initial aftermarket gains from Tuesday.

Traders also saw a fair amount of activity in the new eight-year notes that packaging company Ingevity Corp. priced on Tuesday.

With marine energy drilling company Ensco plc shopping a new deal around for likely pricing on Thursday and announcing a tender offer for some of its existing paper, those established bonds were busy on Wednesday and trading mixed.

Ensco drilling sector peers Noble Holding International Ltd. and Transocean Ltd. were mixed in active trading, but there was only limited activity in oil and natural gas exploration and production names like California Resources Corp.

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