Archrock Partners prices; Cox Media, Calpine improve; Envision jumps; Transocean gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 16 – While the domestic high-yield primary market was relatively quiet on Monday, issuers continued to tap the market.

Archrock Partners, LP and Archrock Partners Finance Corp. priced an upsized $500 million issue of senior notes due April 1, 2028 (B2/B+).

And Alliance Data Systems Corp. announced a $600 million offering of five-year senior notes with pricing expected on Tuesday.

Meanwhile, the secondary space saw a strong start to the week with equities again closing at record highs and crude oil futures climbing further above $60 a barrel.

However, volume was light with end-of-the-year illiquidity beginning to take hold of the secondary space, sources said.

Cox Media Group’s new 8 7/8% senior notes due 2027 (Caa1/CCC+) continued their upward momentum on Monday with the notes climbing to a 104 handle.

Calpine Corp.’s recently priced 4½% senior notes due 2029 (Ba2/BB) remained active in the secondary space with the notes slightly improved.

Envision Healthcare Corp.’s 8¾% senior notes due 2026 jumped on news pending legislation regarding surprise medical billing would be delayed.

Transocean Ltd.’s 6.8% senior notes due 2038 (Caa2/CCC+) also gained in above average trading activity on Monday, despite more sellers than buyers in the market.

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