SBA, Acadia, All Aboard Florida price; Cenveo plans deal; Forest Oil rebounds

By Paul Deckelman and Paul A. Harris

New York, June 17 – The high-yield primary arena picked up its pace on Tuesday, with three new deals totaling some $1.45 billion pricing during the session.

The day’s biggest deal was a quick-to-market upsized $750 million issue of eight-year notes from SBA Communications Corp.

All Aboard Florida brought $405 million of five-year-secured PIK notes via a pair of financing subsidiaries; that was also an upsized issue and traded around its pricing level.

Acadia Healthcare Co. Inc. did a quickly shopped $300 million of eight-year notes, later seen trading a little above their par issue price.

Syndicate sources also saw Cenveo, Inc. begin shopping a $790 million two-part offering, with pricing expected later in the week. That news caused a solid gain on brisk volume in the company’s existing bonds.

Away from the new deals, Forest Oil Corp.’s bonds and shares – both of which got mauled on Monday – were seen recovering on Tuesday.

That paper had fallen on Monday’s news reports that the company shelved a prospective bridge loan intended to fund the repayment of its current debt as part of Forest’s acquisition by Sabine Oil & Gas LLC – but rebounded on Tuesday when Sabine said all necessary funding for the transaction was in place.

Overall, statistical indicators of junk market performance were mixed on Tuesday for a fifth consecutive session.

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