HealthSouth add-on, Anixter drive-by price; new PPD stays busy; Sprint runs up after results

By Paul Deckelman and Paul A. Harris

New York, Aug. 4 – The high-yield primary sphere saw drive-by activity for a second consecutive session on Tuesday as electronic wiring and cable producer Anixter Inc. and healthcare services provider HealthSouth Corp. came to market with opportunistically timed and quickly shopped deals.

Anixter did $350 million of 7.5-year notes, while HealthSouth priced an upsized $350 million add-on to its November 2024 paper.

Traders saw the new Anixter notes having firmed when they hit the aftermarket.

Elsewhere among recently priced issues, Pharmaceutical Product Development, LLC’s eight-year megadeal, which had priced on Monday and had firmed a little after that in very busy initial dealings, remained one of the most active credits in Junkbondland on Tuesday.

There was also a decent amount of dealings going on in clean-energy provider TerraForm Global Inc.’s new 2022 notes, which had priced on Friday.

Away from the primary arena, Sprint Corp.’s notes across its capital structure were firmer in busy trading after the domestic wireless carrier reported better than expected earnings and then sounded an upbeat assessment of the company’s liquidity situation.

Statistical market performance indicators turned mixed on Tuesday, after having been lower across the board on Monday.

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