HCA, Aramark, Group 1 price deals; new bonds busy; Chesapeake off; funds gain $398 million

By Paul Deckelman and Paul A. Harris

New York, Dec. 3 – The high-yield primary market revival that started on Wednesday continued on Thursday. Syndicate sources saw $1.2 billion of new dollar-denominated, junk-rated paper having priced in three tranches, although that was down a little from the previous session’s $1.55 billion, also in three tranches.

HCA Holdings Inc. did a quickly shopped $500 million add-on to its existing 2026 notes.

Aramark Services Inc. brought an upsized, unscheduled $400 million offering of eight-year notes to market.

Group 1 Automotive, Inc. drove by with an upsized $300 million of eight-year paper.

Mednax, Inc. meantime priced an upsized, regularly scheduled split-rated eight-year forward calendar offering.

All of those new issues, as well as Ball Corp.’s Wednesday deal, were actively traded.

Away from the new deals, Chesapeake Energy Corp.’s notes were down across the board as the oil and gas operator announced a notes exchange offer that values its current paper at a substantial discount to par.

Statistical measures of junk market performance turned lower on Thursday after being mixed on Wednesday and higher all around on Monday and Tuesday.

However, another numerical indicator turned positive in the latest reporting week. High-yield mutual funds and exchange-traded funds saw a nearly $398 million net inflow in the week ended Wednesday. That gain broke a losing streak of three straight weeks of outflows before that.

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