Junk selling subsides; Worldpay better; Civitas hurt by asset purchase; Spirit Aero off

By Paul A. Harris and Abigail W. Adams

Portland, Me., Oct. 4 – The dollar-denominated junk bond primary market remained quiet on Wednesday, and the active forward calendar stood empty at session’s end.

In the secondary market, the cash bond market succumbed to some selling pressure early in the session, buyers emerged to lift the market into the close, a source said.

From recent issues, GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay improved alongside the broader market, LifePoint Health Inc.’s 11% senior secured notes due 2030 (B2/B) were largely unchanged.

While the broader market showed signs of improvement, topical news pushed some outstanding issues lower.

Civitas Resources, Inc.’s 8 3/8% senior notes due 2028 and 8¾% senior notes due 2031 (B1/BB-/BB-) were weaker in active trade after the company announced a $2.1 billion asset purchase to be funded with debt and equity.

Spirit AeroSystems Inc.’s senior notes continued to move lower following the resignation of the company’s chief executive officer.

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