Radiology prices; secondary grinds tighter; AssuredPartners gains; Seagate flat

By Abigail W. Adams

Portland, Me., Dec. 4 – The domestic high-yield primary market saw one deal price during Friday’s session and three more join the forward calendar.

Radiology Partners, Inc. priced an upsized $800 million issue of five-year senior secured notes (B3/B-).

Meanwhile, Virtusa Corp. began marketing a $300 million offering of eight-year senior notes, LBM Acquisition, LLC kicked off a $390 million offering of eight-year senior notes, and Empire Communities Corp. announced plans to sell five-year senior notes (B-/B-) in a two-tranche dual-currency offering.

New issuance fell short of expectations over the past week and sources were mixed on how much new deal activity to expect in the run-up to the Christmas holiday.

Meanwhile, the secondary space continued to grind tighter on Friday with spreads tightening more than 20 points on the week with triple-C credits outperforming.

New paper continued to dominate the tape although with missed performances.

AssuredPartners Inc.’s 5 5/8% senior notes due 2029 (Caa2/CCC+) continued their upward momentum in high-volume activity following a strong break the previous session.

However, Seagate Technology plc’s recently priced tranches (Ba1/BB+/BB+) fell flat in the aftermarket with investors less than enamored with the pricing.

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