Primary calendar builds as ServiceMaster, Precision Drilling, Kissner, Jack Ohio on tap

By Paul Deckelman

New York, Oct. 31 – The high yield primary market closed out the month of October on a quiet note on Monday, syndicate sources said, with no new dollar-denominated and fully junk-rated deals seen having priced.

However, there was activity behind the scenes, as several prospective new deals hit the radar screens.

The biggest was ServiceMaster Global Holdings, Inc., which announced plans to sell $1 billion of eight-year notes. The provider of cleaning, pest-control and other forms of maintenance services is expected to price its megadeal near the end of the week.

Kissner Holdings LP, a Canada-based producer of salt, for both culinary and chemical purposes, began shopping a $400 million issue of six-year secured notes around to potential investors. That deal is also seen getting done around the end of the week.

Another Canadian entity – energy drilling contractor Precision Drilling Corp. – will bring its newly announced $350 million seven-year issue to market possibly as early as Tuesday, the syndicate sources said.

And Tuesday could see the pricing of a considerably bigger issue – Midwestern gaming and hospitality operator Jack Entertainment LLC’s Ohio subsidiary’s $1.05 billion of senior secured paper, divided into $750 million of five-year first-lien notes and $300 million of six-year second-lien paper.

In the European high yield sphere, Crystal Almond Sarl, the parent of Greek telecommunications company WIND Hellas, priced €250 million of five-year senior secured notes.

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