Vistra, Matador, ACI price; WellCare, Marriott on tap; SM Energy up; Sanchez clobbered

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 7 – The domestic primary market saw an active session on Tuesday with three issuers pricing upsized offerings and the forward calendar continuing to grow.

Wednesday also promises to be a busy day with two more deals on deck.

In drive-by action, Vistra Energy Corp. priced an upsized $1 billion issue of eight-year senior notes, and Matador Resources Co. priced an upsized $750 million issue of eight-year senior notes.

ACI Worldwide, Inc. also priced an upsized $400 million issue of eight-year senior notes.

The forward calendar continued to build with Frontdoor, Inc. beginning a roadshow for a $350 million offering of eight-year senior notes with pricing expected on Aug. 14.

WellCare Health Plans, Inc. $700 million offering of eight-year senior notes and Marriott Vacations Worldwide Corp.’s $750 million offering of eight-year senior notes are expected to price Wednesday.

Meanwhile, BMC Software is experiencing investor pushback on its $1,825,000,000 equivalent two-part offering of senior notes.

While SM Energy Co.’s newly priced 6 5/8% senior notes due Jan. 2027 (B2/BB-/BB-) put in a strong performance in the secondary space, Intelsat Connect Finance SA’s 9½% notes due 2023 (Ca/CCC-) continued to dominate trading activity.

Sanchez Energy Corp.’s junk bonds were second only to Intelsat in trading volume with the notes dropping about 5 to 7 points after the company reported second-quarter earnings.

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