HD Supply, Surgery Partners price deals, new HD notes firmer, existing bonds busy

By Paul Deckelman and Paul A. Harris

New York, March 28 – The high yield primary sphere kicked off the final week of March on Monday with a pair of pricings.

Industrial distributor HD Supply Holdings, Inc. came to market with a $1 billion drive-by offering of eight-year notes, offered via a subsidiary.

When the new notes were freed for aftermarket activity, they were quoted at somewhat higher levels.

The company’s existing 11˝% notes due 2020 – which are being refinanced with the proceeds from the new deal – were seen having moved up in active trading.

The day’s other transaction – a scheduled $400 million forward calendar offering from healthcare operator Surgery Partners, Inc. – also was priced through a subsidiary. Traders did not immediately report any aftermarket dealings.

Recently priced issues such as AMC Networks Inc., Constellium NV and CenturyLink, Inc. were seen little changed from last week’s closing levels.

However, iStar’ Inc.’s new issue continued to struggle.

Statistical market performance measures remained lower across the board for a fourth consecutive session on Monday, their fifth lower session in the last nine trading days.

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