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United Rentals brings add-on drive-by deal, new bonds busy; Community Health climbs
By Paul Deckelman and Paul A. Harris
New York, Feb. 22 – The high yield primary arena on Wednesday saw its first new deal pricing of the week, as $500 million of new U.S. dollar-denominated and fully junk-rated paper came to market in two quickly-shopped tranches. It was the first such transaction to price since last Thursday.
Construction equipment service United Rentals (North America) Inc. priced a pair of $250 million add-on tranches to its existing 2026 and 2027 bonds.
Both tranches of those new notes were heard by traders to have firmed from their respective issue prices in active dealings.
Syndicate sources said that was about it for news out of the Junkbondland dollar market. They did hear that Quintiles IMS Holdings Inc. was shopping around a euro-denominated eight-year note offering – the second domestic company in as many days to be marketing a euro deal, following in the footsteps of Levi Strauss & Co., which began roadshowing such a deal on Tuesday.
Back among the domestic dollar deals, there was only limited aftermarket activity Wednesday in last week’s new offerings, with Aecom’s 10-year bonds moving up on some volume, but considerably less turnover in the recent issues from NGL Energy Partners LP and Gateway Casinos & Entertainment Ltd.
For a second straight session, Community Health Systems Inc.’s bonds firmed smartly in active trading after the hospital operator reported better-than-expected quarterly results and said it would increase the number of facilities it plans to sell to bring down its debt.
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