Forward calendar fills up; Gaming & Leisure, Centene improve; Ultra drops on earnings

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 11 – The domestic primary market was quiet on Friday after pricing $3.2 billion in four high-yield deals and $1 billion in one split-rated deal over the past week.

However, the forward calendar is filling up with four to five new deals on the horizon for the week ahead.

SRS Distribution, Inc. announced plans to start a roadshow on Monday for a $380 million offering of eight-year senior notes (Caa2/CCC+).

Ithaca Energy (North Sea) plc set initial price talk on a $350 million offering of five-year senior notes (Caa1/CCC+) in the mid 9% area.

Ocean Yield ASA mandated banks to arrange fixed-income investor meetings in the Nordic region starting Monday with a possible krone-denominated bond to follow.

Meanwhile, the flurry of trading activity surrounding the deals that priced over the past week tempered on Friday with earnings reports pushing outstanding issues into the spotlight.

Centene Corp.’s newly priced 5 3/8% senior notes due 2026 (Ba1/BB+) were seen slightly improved.

After hovering close to par for much of the week, Gaming and Leisure Properties, Inc.’s $1 billion dual-tranche split-rated senior notes (Ba1/BBB-) broached 101 on Friday.

While new paper faded into the background, Ultra Petroleum Corp.’s junk bonds emerged as a volume leader on Friday.

The notes dropped 2 to 4 points as investors responded to a shift in the oil and gas company’s strategy for future growth.

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