Valeant, Hearthside, SRS, others price; GFL, WeWork struggle again; funds lose $542 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 17 –The domestic primary market leapt into action on Thursday with five issuers raising a total of $1.78 billion in single-tranche dollar-denominated deals – and another four deals totaling $2.04 billion are on deck for Friday.

Three of the offerings priced at the wide end of talk while only one priced tight.

Valeant Pharmaceuticals International, Inc. priced a $750 million issue of 8.6-year senior notes at par to yield 8½% in a drive-by.

Hearthside Food Solutions LLC priced a downsized $350 million issue of 8½% eight-year senior notes at par to yield 8.499%.

SRS Distribution, Inc. priced a downsized $350 million issue of 8¼% eight-year senior notes at par to yield 8.246%.

GFL Environmental Inc.’s recently priced 7% senior notes due 2026 continued to lose ground on Thursday with the notes quoted down another point after losing 1 point on Wednesday.

While WeWork Cos. Inc.’s newly priced 7 7/8% senior notes due 2025 saw a slight rebound on Thursday, it was only after sinking to a new low on Wednesday. The notes continue to trade about 6 points below their issue price.

Elsewhere high-yield mutual funds and exchange-traded funds saw outflows for a second consecutive week, seeing $0.542 million exit in the week to May 9, according to fund-flow statistics generated by AMG Data Services Inc.

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