| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for WellCare Health Plans, Inc. > News item |
WellCare, upsized Equinix lead second $4 billion day; new Community Health heavily traded
By Paul Deckelman and Paul A. Harris
New York, March 8 – The high-yield primary market remained red-hot on Wednesday, with more than $4 billion of new U.S. dollar-denominated and fully-junk-rated paper from domestic or industrialized-country borrowers getting done for a second consecutive session.
As was the case on Tuesday – which saw $4.7 billion of such paper hitting the tape by the close, the heaviest single-session new-issue volume so far this year – the day’s new issuance came in six tranches, with opportunistically timed and quickly marketed drive-by transactions once again dominating the proceedings.
Interconnection and data-centers company Equinix Inc., had the day’s big deal, with an upsized $1.25 billion of 10.2-year notes.
Not far behind was WellCare Health Plans, Inc., a provider of managed-care services, which priced $1.2 billion of eight-year notes.
Canadian soft-drink bottler Cott Holdings Inc. was heard to have popped the top on an upsized $750 million of eight-year notes. Cott and Equinix were the day’s only non-drive-by deals, high-yield syndicate sources indicated.
There was also a trio of smaller deals, as real estate developer iStar Inc. did $375 million of five-year notes, midstream energy operator SemGroup Corp. priced $325 million of eight-year paper and gaming company Motor City Casino Hotel brought $200 million of five-year paper to market.
Secondary market traders saw very heavy volume in Tuesday’s new CHS/Community Health Systems Inc. six-year secured notes, and also saw considerable activity in the hospital operator’s existing issues.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.