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Oxford prices; wild ride in junk secondary; VistaJet, CHS drop par; Fertitta down
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 24 – In the face of phenomenal stock market volatility, seven issuers stepped forward on Monday with junk-rated, dollar-denominated deals.
Oxford Finance LLC’s $400 million issue of five-year senior notes (Ba3/B/BB-) was the sole deal to clear the market on Monday while the forward calendar grew to $5.75 billion with a megadeal backing the buyout of athenahealth on deck.
Meanwhile, volatility continued to roil the secondary space on Monday with the market down as much as ¾ point in intraday activity only to close the day flat to down 1/8, sources said.
“It was a wild ride,” a source said.
However, several new issues that were performing well despite heavy market conditions last week fell on Monday.
VistaJet’s 6 3/8% senior notes due 2030 (Caa1/B-/BB-) gave back nominal gains and closed Monday below their issue price.
CHS/Community Health Systems, Inc.’s 5¼% senior secured notes due 2030 (B2/B/BB-) also dropped below par in intraday activity.
Fertitta Entertainment, LLC’s recently priced 6¾% senior notes due 2030 (Caa2/CCC+) continued to move lower in active trading with the notes dropping to a 98-handle.
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