Calfrac, MSCI price; Petrofac on tap; Sprint gains continue; Ultra Petroleum rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 15 – While markets were volatile on Tuesday, the domestic high-yield primary market remained active with $1.15 billion notes pricing over two deals.

Calfrac Holdings LP priced a $650 million issue of eight-year senior notes (B3/B-) at par to yield 8½%, and MSCI Inc. priced a restructured $500 million issue of nine-year senior notes (Ba2/expected BB+) at par to yield 5 3/8% on Tuesday.

Both deals broke for trading early in the session and dominated secondary market activity.

Carriage Services, Inc. plans to start a roadshow on Wednesday for a $325 million offering of eight-year senior notes.

Petrofac Ltd. (Ba1/BBB-/BBB-) has been marketing a $300 million offering of five-year notes since last week. The deal was expected to price as early as Tuesday.

In the European primary market, NBG Pangea REIC is conducting a roadshow for a €400 million offering of five-year senior notes through Friday.

Premier Foods Finance plc plans to start a roadshow on Wednesday for a £300 million offering of five-year senior secured fixed-rate notes.

While new paper from Calfrac and MSCI dominated trading activity, Sprint Corp.’s 8¾% senior notes due 2032 and 6 7/8% senior notes due 2028 continued to see gains in active trading.

Ultra Petroleum Corp.’s 7 1/8% senior notes due 2025 (B2/B+) were up more than 3 points on Tuesday with the notes returning to the 64 range after dropping more than 3 points last week.

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