Extraction O&G, Midcontinent tap price; new Extraction better; Lithia holds; Rite Aid rises

By Paul Deckelman and Paul A. Harris

New York, July 18 – The high-yield primary sphere remained busy on Tuesday, as a pair of issues totaling $525 million priced.

Energy operator Extraction Oil & Gas, Inc. priced an upsized $400 million of seven-year notes, while cable system company Midcontinent Communications did an upsized $125 million add-on to its existing 2023 notes.

When the new Extraction notes were freed to trade, they were seen having firmed more than 1 point on the day.

Traders meantime saw Monday’s new issue from car retailer Lithia Motors, Inc., and last Friday’s big two-part offering from K. Hovnanian Enterprises, Inc. continue to trade at or near the high levels that both issues had hit when they went into the aftermarket.

Away from the new deals, Rite Aid Corp.’s notes moved higher in very busy trading, after the drugstore chain operator issued pro forma financial performance data it expects to achieve upon the completion of its recently announced sale of nearly half of its more than 4,600 stores to larger industry rival Walgreens Boots Alliance Inc.

Statistical market performance measures turned mixed on Tuesday, though just barely so, after having been higher across the board for four straight sessions before that.

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