Forestar, NGL Energy on tap; Cable & Wireless hovers at issue price; Intelsat jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 3 – While two deals joined the active forward calendar in the domestic high-yield primary market on Wednesday, the European market saw two deals price.

NGL Energy Partners LP launched a $450 million offering of seven-year senior notes (B2/B+/B) with pricing expected before the end of the week.

Forestar Group Inc. also began marketing a $300 million offering of five-year senior notes (B2/B).

In the European market, Loxam Group priced an upsized €500 million two-part deal.

Germany-based SGL Carbon SE priced a €250 million issue of 5.5-year senior secured notes (B2/B) at par to yield 4 5/8%.

Meanwhile, the secondary space remained largely flat on Wednesday.

Cable & Wireless Communications Ltd.’s newly priced 5¾% senior notes due 2027 (Ba3/BB-/BB-) were trading in a tight range around their issue price, a market source said.

Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 jumped in high-volume activity following an analyst’s upgrade of the company’s stock due to a potential windfall from the sale of the C-band spectrum.

As Staples Inc. markets its new $2.13 billion two-tranche offering, the office supply retailer’s 8½% senior notes due 2025 continued to climb in high-volume activity.

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