J2 prices; Senate bill drives health higher; Rite Aid lower on report; funds out $128 million

By Colin Hanner and Paul A. Harris

Chicago, June 22 – j2 Cloud Services, LLC priced the day’s sole new issue, an upsized $650 million of eight-year senior notes.

Meanwhile in the secondary the highly-anticipated and, for the better part of two weeks, much-discussed Senate health care bill finally came to light on Thursday, jolting high-yield pharmaceutical and health care bonds upward in trading, though for different reasons.

Among those that saw gains were Laval, Quebec-based Valeant Pharmaceuticals International, Inc. and Franklin, Tenn.-based hospital group Community Health Systems, Inc.

Bonds of drugstore operator Rite Aid Corp. slid as a trade publication said that a member of the Federal Trade Commission will vote no on the company’s planned merger with larger competitor Walgreen Boots Alliance.

Elsewhere, the exploration and production sector caught a break with higher crude oil prices after several downtrodden sessions due to worries surrounding the Organization of Petroleum Exporting Countries’ ability to regulate the global supply glut.

And pet retailer PetSmart Inc. continued to slide in three of its issues, with retail woes and company worries fueling the bonds losses.

Three weeks of inflows for high-yield mutual funds and exchange-traded funds ended as AMG Data Services Inc. reported that $128 million left those weekly reporting-only domestic funds during the week ended Wednesday, June 21.

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