Three deals price in busy Friday; new Frontier, Penney active, Sprint dominates trading

By Paul A. Harris and James McCandless

San Antonio, March 9 – The high-yield primary market saw three deals price in the United States for a little under $2 billion in total.

The busy U.S. Friday session was mirrored in Europe where two deals priced.

Travelport Worldwide Ltd. led the activity with an upsized $745 million issue of eight-year senior secured notes followed close behind in size by USA Compression Partners, LP with $725 million of eight-year senior notes in a deal that jumped significantly when it began trading.

Also pricing Friday was a $400 million offering of eight-year notes from CNX Midstream Partners LP.

The high-yield secondary market ended the week muted, traders said, as new and recent issues from popular names took up most of the volume.

Frontier Communications Corp. has been filling up volume after its $1.6 billion issue of eight-year second-lien secured notes were priced on Thursday.

Another company that priced new paper Thursday and traded actively on Friday was J. C. Penney Co., Inc., which sold $400 million issue of seven-year senior secured second priority notes.

And the $1 billion pricing from Sprint Corp. has taken up much of the volume in the secondary market over the last few weeks.

The week saw more heavy volume in Intelsat SA and Northern Oil and Gas Inc.

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