OneMain/Springleaf, WellCare prices; four deals on deck; Vistra dominates; Matador stuck

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 8 – The domestic primary market saw another active session on Wednesday with two deals pricing and several more on deck before the week draws to a close.

WellCare Health Plans, Inc. priced an upsized $750 million issue of eight-year senior notes (Ba2/BB) at par to yield 5 3/8%. The notes were up almost 1 point in high-volume trading after breaking for trade.

OneMain/Springleaf priced an upsized $700 million add-on to the Springleaf Finance Corp. 7 1/8% senior bullet notes due March 15, 2026 (B1/B+) at 100.5 to yield 7.039% in a Wednesday drive-by.

While some expected Marriott Vacations Worldwide Corp. to price its $750 million offering of eight-year senior notes on Wednesday, official price talk and timing have yet to circulate with rumors the order book is only a fraction of the deal size.

Marriott joins BMC Software, Herbalife Nutrition Ltd. and Verscend Holding Corp. on the calendar of deals expected to price before the week draws to a close.

Meanwhile, Vistra Energy Corp.’s new 5½% senior notes due 2026 (Ba3/BB/BB) dominated trading activity in the secondary space with notes starting the day weak but gaining strength as the session progressed.

While trading paled in comparison, Matador Resources Co.’s newly priced 5 7/8% senior notes due 2026 (B2/BB-) were also active in the secondary space although the notes were largely stuck at par.

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