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Power Solutions carries over; SS&C Technologies, Par in focus; Community Health drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 15 – The domestic high-yield primary market saw no deals price on Friday.
However, the week ahead promises to be active with the forward calendar growing.
Power Solutions’ highly-anticipated dual-currency megadeal was carried over to the March 18 week.
ADT Corp. is expected to bring $2.65 billion of notes in the coming week.
Neon Holdings, Inc. plans to start a roadshow Monday for a $410 million offering of senior notes and Kosmos Energy Ltd. will be conducting a roadshow for a $600 million offering of senior notes.
Meanwhile, new paper was in focus in the secondary space, which rounded out a strong week with a firm finish, sources said.
SS&C Technologies, Inc.’s 5½% senior notes due 2027 and Endo International plc subsidiary Par Pharmaceutical Cos., Inc.’s 7½% senior notes due 2027 dominated trading activity in the secondary space with both issues trading at a premium to their issue price.
Outside of the new paper, Community Health Systems, Inc.’ capital structure was taking a hit on Friday with its recently priced 8% senior notes due 2026 continuing their downward spiral following the filing of a whistle-blower lawsuit.
PHI Inc.’s 5¼% notes due March 15 also dropped as the company sought Chapter 11 bankruptcy protection after failing to meet the maturity of the notes.
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