Primary quiet; Solera to price; Intelsat slide broken; Chesapeake mixed; new Summit off

By Paul Deckelman and Paul A. Harris

New York, Feb. 24 – The high-yield primary sphere was quiet on Wednesday, with no new deals reported to have priced during the session.

However, syndicate sources said that price talk emerged on the sole deal being actively marketed, automobile insurance claims software provider Solera, LLC’s $2.03 billion equivalent two-part offering of eight-year dollar- and euro-denominated notes.

The sources said that the talk that came out had widened from initial guidance.

Also on the new-deal front, traders said that Tuesday’s new eight-year deal from concrete and asphalt producer Summit Materials, Inc. was slightly lower, though on very light volume.

Away from the new deals, the two-session plunge in Intelsat SA’s notes came to an end, with some of the communications satellite company’s bonds actually trading upward after having gotten hammered on Monday and Tuesday. Volume remained heavy, though.

Chesapeake Energy Corp.’s bonds were also seen mixed on the session after the benchmark oil and natural gas name posted quarterly earnings and reported notable progress in bringing down its debt load.

Whiting Petroleum Corp.’s bonds remained under pressure, though, as that exploration and production operator posted disappointing fourth-quarter earnings.

Statistical market performance measures turned lower across the board on Wednesday after having been mixed on Tuesday, their second lower session in the last four trading days.

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