Telesat, Calumet, Shutterfly price; AMN, Sabra new notes better; WeWork falls

By James McCandless and Paul A. Harris

San Antonio, Sept. 27 – Three issuers brought $1.89 billion of new notes to the high-yield primary market on Friday, while new tranches and newsmakers capped off the week in secondary activity.

Telesat Canada priced a $550 million issue of eight-year senior notes (B3/B) at par to yield 6½%.

Calumet Specialty Products Partners, LP priced a $550 million issue of 5.5-year senior notes (Caa1/B-/B-) at par to yield 11%.

And Shutterfly Inc. priced an upsized $785 million issue of 8½% seven-year senior secured notes (B1/B) at 95.00, a bond trader said.

In the secondary, new notes from AMN Healthcare, Inc. and Sabra Health Care REIT, Inc. both ended in better positions.

Meanwhile, WeWork Cos. Inc.’s issues continued to fall in the aftermath of the week’s negative headlines.

PG&E Corp.’s paper varied after a group of creditors said that it was willing to increase its investment bid that would result in control of the company.

Telecom giant Sprint Corp.’s notes also saw different movements.

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