EP Energy, BWX prices; Valeant trades up; Hearthside, SRS struggle; Sprint tanks

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 18 – The domestic high-yield primary market rounded out the week with $1.4 billion pricing in two deals.

EP Energy Corp. sold $1 billion of eight-year 1.125-lien senior secured notes at par to yield 7¾%.

BWX Technologies, Inc. priced a $400 million issue of eight-year senior notes at par to yield 5 3/8%. The notes were trading at a premium to their issue price after hitting the secondary market.

Ithaca Energy (North Sea) plc and JW Aluminum Continuous Cast Co. had been expected to price on Friday but the deals were not seen priced by late afternoon.

Meanwhile, the secondary performance of Thursday’s deals was mixed with new notes from Valeant Pharmaceuticals International, Inc. trading up and new notes from Hearthside Food Solutions LLC and SRS Distribution, Inc. trading down.

While some of Thursday’s deals struggled, Sprint Corp.’s 8¾% senior notes due 2032 and 6 7/8% senior notes due 2028 tanked after the company secured the needed consents to amend the indentures.

The notes had been on the rise during the consent solicitation process with bondholders organizing to increase the payout, which Sprint did do, market sources said.

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