Hess Midstream prices; Melco Resorts on tap; Enviva, Compass Minerals, Aveanna trade up

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 25 – While the domestic high-yield primary market has slowed its pace in the runup to the Thanksgiving holiday, activity continued on Monday with one drive-by deal pricing and one more deal on deck for Tuesday.

Hess Midstream Partners LP priced an upsized $550 million issue of 8.5-year senior notes (Ba3/BB+/BB+) on Monday.

Melco Resorts & Entertainment Ltd. joined the forward calendar with a $650 million offering of 10-year senior notes (Ba2/BB), which is expected to price during Tuesday’s session.

In the European primary market, WEPA Group began marketing a €550 million two-tranche offering of senior secured notes (expected ratings B1/BB-).

While several of the deals to price over the past two weeks fell flat in the secondary, the deals to clear the market during Friday’s session were not among them.

While less active, Aveanna Healthcare LLC’s 9¾% first-lien senior secured notes due 2026 (B2/B-), Compass Minerals International’s 6¾% senior notes due 2027 (B1/B+) and Enviva Partners, LP and Enviva Partners Finance Corp.’s 6½% senior notes due 2026 (B1/B+/BB-) rose more than 3 points above their issue price.

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