Energizer prices; HCA upsizes; Acrisure on tap; MEG Energy tanks; HCA active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 17 – The high-yield primary market ripped back to action on Thursday with two deals pricing and one more on deck for Friday.

Energizer Holdings, Inc. priced a $600 million issue of eight-year senior notes (B2/B+) at par to yield 7¾% in an oversubscribed offering.

The notes were active soon after breaking for trade and gained more than 2 points out of the gate.

HCA Inc. showed up with a $1 billion offering of 10-year senior bullet notes (Ba2/BB-/BB) in a Thursday drive-by with the deal upsized to include of a $500 million add-on to its 5 5/8% senior notes due September 2028.

While the deal was expected to price Thursday, no terms were available as of press time.

Acrisure LLC is on tap with a $500 million offering of senior secured notes due 2024 (B3/B), which is set to price on Friday.

Meanwhile, the secondary space remained firm on Thursday with the new paper in focus.

HCA’s capital structure was among the most actively traded in the secondary space as the primary prepared the company’s new offering.

The secured notes in the capital structure were trading up ½ point to 2 points following an upgrade from Moody’s Investors Service.

While the overall market remained strong, MEG Energy Corp.’s junk bonds tanked in high-volume activity after Husky Energy Inc. abandoned its takeover of the company.

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