Enviva prices, Compass Minerals, Telesat, Aveanna price; Centene, VICI continue to gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 22 – The domestic high-yield primary market continued to churn out new issuance on Friday with four deals totaling $2.01 billion clearing the market.

Aveanna Healthcare LLC priced a $560 million issue of seven-year first-lien senior secured notes (B2/B-), Enviva Partners, LP and Enviva Partners Finance Corp. priced an upsized $550 million issue of six-year senior notes (B1/B+/BB-), Compass Minerals International priced a $500 million issue of eight-year senior notes (B1/B+), and Telesat Canada, along with Telesat LLC, priced a downsized $400 million issue of 7.5-year senior secured notes (Ba3/BB-).

Meanwhile, the secondary space closed the week flat with the market experiencing “indigestion” after the record-breaking $17.09 billion week, a market source said.

While several of the deals to price in the flurry of primary market activity over the past two weeks fell flat in the secondary space, Thursday’s megadeals were not among them.

Centene Corp.’s newly priced tranches of senior notes (Ba1/BBB-/BB+) continued to gain in high-volume activity.

VICI Properties Inc.’s two tranches of senior notes (B1/BB/BB) also remained well above their issue prices.

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