Primary sees $2.2 billion, GFL, ATS, Ascent price; calendar grows; Community Health rises

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 14 – The high-yield drive through window opened wide on Monday with five issuers pricing a $2.2 billion face amount of junk in quick-to-market transactions.

GFL Environmental, Inc. priced a downsized $750 million of 3½% eight-year secured bullet notes.

ATS Automation Tooling Systems Inc. and Ascent Resources Utica Holdings LLC both accelerated timing and completed their deals as Monday drive-bys.

Meanwhile, the secondary space saw a strong open but came in as the session progressed and closed the day largely unchanged, sources said.

New paper remained in focus and continued to trade well.

Despite its massive upsize and tight pricing, Community Health Systems, Inc.’s recently priced tranches of senior secured notes (Caa2/B-/B) both closed the day on a 101-handle.

After closing out the previous week on a par-handle, Genesis Energy, LP’s 8% senior notes due 2027 (B1/B+) improved in high-volume activity on Monday.

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