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HD Supply, Hilcorp, Matador add-on price; Envision Healthcare drops; MEG Energy up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 1 – October got underway with a bang in the primary market, which saw three dollar-denominated drive-by deals – two upsized and at least two conspicuously oversubscribed – clear the market on Monday.
HD Supply Holdings, Inc. priced a $750 million issue of eight-year senior notes (Ba3/BB-) at par to yield 5 3/8% in a quick-to-market Monday trade.
Hilcorp Energy Co. priced an upsized $600 million issue of 10-year senior notes (Ba2/BB+) on Monday at par to yield 6¼%.
Matador Resources Co. priced an upsized $300 million add-on to its 5 7/8% senior notes due Sept. 15, 2026 (B2/BB-) at 100.5 to yield 5.772%.
New paper was in focus in the secondary space with both HD Supply and Hilcorp active and above their issue price after breaking for trade.
However, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Caa1/B-) continued to struggle in high-volume activity in the secondary space with the notes dropping more than 1 point.
While volume was light, Vine Oil & Gas LP and Vine Oil & Gas Finance Corp.’s 9¾% senior notes due April 15, 2023 (Caa1/B-) were strong in secondary trading with the notes well above issue.
Outside of new deal activity, MEG Energy’s junk bonds soared on Monday climbing 6 to 9 points after Husky Energy Inc.’s takeover bid.
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