Fortress prices add-on; Cimpress joins forward calendar; energy names drop; BMC gains

By Abigail W. Adams

Portland, Me., May 29 – The high-yield primary market was off to a slow start on Tuesday with new issue volume expected to remain light throughout the week.

While light, the domestic and European primary market both saw an add-on price and one new dollar-denominated deal hitting the road.

Fortress Transportation and Infrastructure Investors LLC priced a $100 million add-on to its 6¾% senior notes due 2022 (B1/B+) at par in a Monday drive-by.

Cimpress NV began a roadshow for a $400 million offering of eight-year senior notes on Monday. The deal is primarily being marketed to European investors, a market source said.

In the European primary market, Aker ASA priced a NOK 500 million add-on to its Nibor plus 265 basis points senior notes due 2023.

With political crises in Spain and Italy dragging down equity markets and oil prices on the decline, new issue activity is expected to be day by day, sources said.

Meanwhile, the secondary market started the week off soft with the overall market down ¼ to ½ point, a market source said.

High beta energy junk bonds were taking a hit from the decline in oil prices with California Resources Corp.’s 8% senior notes due 2022 again the most actively traded bond of the day.

BMC Software Inc.’s 8 1/8% senior notes due 2021 gained about 1 point on news KKR & Co. LP will acquire the company.

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