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C&S Wholesale, Nationstar Mortgage price; Artera adds on; H&E gains; LifePoint flat
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 1 – The domestic high-yield primary market cleared three deals during Tuesday’s session.
In a heavily oversubscribed offering, Nationstar Mortgage Holdings Inc. (Mr. Cooper Group) priced a $650 million issue of 10-year senior notes (B2/B).
C&S Group Enterprises LLC priced an upsized $400 million issue of eight-year senior notes (B2/B).
And Artera Services, LLC priced a $250 million add-on to the PowerTeam Services, LLC 9.033% senior secured first-priority notes due Dec. 4, 2025 (B3/B-).
Meanwhile, the secondary space continued to grind tighter as equity benchmarks again broke out to all-time highs.
The cash bond market was up ¼ to 3/8 point with no signs of weakness, sources said.
New paper remained in focus with the majority of deals continuing to perform well.
H&E Equipment Services, Inc.’s 3 7/8% senior notes due 2028 (B2/BB-) were gaining momentum in high-volume activity.
However, LifePoint Health, Inc.’s 5 3/8% senior notes due January 2029 (Caa1/CCC+) saw a lackluster reception in the secondary space with the notes falling flat after a decent break.
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