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Lifepoint, HC2 price; Vantage on tap; California Resources in focus; Intelsat drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 14 – The domestic primary market saw the two deals that carried over from the previous week price on Wednesday, despite continued volatility in the markets.
RegionalCare Hospital Partners Holdings, Inc. and LifePoint Health, Inc. priced a downsized $1,425,000,000 issue of 9¾% eight-year senior notes (Caa1/CCC+) at par after price talk widened and the deal underwent covenant changes.
HC2 Holdings, Inc. priced a downsized $470 million issue of 11½% senior secured notes (Caa1/B-) at 98.75 to yield 12% after an extended stay in the market.
The new paper was lagging its issue price in secondary trading.
While market conditions continued to impact new deal activity, one deal joined the forward calendar with Vantage Drilling International roadshowing a $300 million offering of five-year senior secured first-lien notes. The deal is expected to price on Friday.
Meanwhile, the secondary space remained soft on Wednesday although the energy sector saw signs of a reprieve with crude oil futures up slightly.
California Resources Corp. 8% senior secured second-lien notes due December 2022 were in focus in the secondary space and saw a slight rebound after a steep drop on Tuesday.
Intelsat SA’s junk bonds dropped in high volume activity on Wednesday with speculation its C-band proposal is in trouble.
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