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Community Health on deck; Dean Foods, Weight Watchers drop, Frontier gains post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 27 – While the high-yield primary market was again dormant on Wednesday, the silence will soon be broken.
Community Health Systems, Inc. plans to price $1.58 billion of seven-year senior secured notes (expected ratings Caa1/B-) on Thursday.
As many as five deals could roll out on Thursday, sources said.
Meanwhile, earnings related news was driving trading activity in the secondary space.
Dean Foods Co.’s 6½% senior notes due 2023 were among the most actively traded issues during Wednesday’s session with the notes dropping after the company announced an earnings miss and a strategic review.
Weight Watchers International’s 8 5/8% senior notes due 2025 were also trading down following an earnings miss.
However, Frontier Communications Corp.’s junk bonds were on the rise following a large earnings beat.
Chesapeake Energy Corp.’s 8% senior notes due 2027 and Whiting Petroleum Corp.’s 6 5/8% senior notes due 2026 were also making gains following their earnings reports and a strong day for crude oil futures.
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