NGPL Pipe prices $1.4 billion two-part drive-by; energy up on crude surge; healthcare down

By Paul Deckelman and Paul A. Harris

New York, July 25 – The high-yield primary market saw a sizable drive-by offering get done on Tuesday, as energy pipeline operator NGPL PipeCo LLC priced $1.4 billion of new five- and 10-year notes, equally split into $700 million tranches.

Traders said the big new deal came to market too late in the session for any kind of real aftermarket activity.

They meantime saw reduced activity levels in such recently priced credits as AMC Networks, Inc. and Jefferies Finance LLC.

Away from the new-issue realm, the traders reported better levels for such oil and natural gas names as California Resources Corp., Whiting Petroleum Corp. and Continental Resources Inc., given a boost by a big jump in world crude prices during Tuesday’s session, their second straight gain.

On the downside, healthcare names such as hospital operators Community Health Systems Inc., Tenet Healthcare Corp. and HCA Inc. were all lower, against a backdrop of a Senate vote to allow debate on the possible repeal of the existing Affordable Care Act “Obamacare” law and its replacement by legislation whose provisions are at this point unknown.

Statistical market performance measures were better across the board on Tuesday, after having been mixed for two straight sessions before that, on Friday and again on Monday.

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