XPO, DuPont Fabros, Life Time Fitness price; DISH up on M&A talk; funds up $600.8 million

By Paul A. Harris and Paul Deckelman

New York, June 4 – The high-yield primary sphere saw a resumption of busier activity on Thursday, syndicate sources said, with $2.55 billion of new fully junk-rated and dollar-denominated paper having come to market in four tranches.

Two of the day’s deals were restructured before they finally got done – XPO Logistics Inc.’s big two-part $1.6 billion and €500 million offering of dollar- and euro-denominated notes, which saw a second euro tranche and an issue of sterling paper jettisoned, while DuPont Fabros Technology LP’s $250 million issue had revisions to its maturity and call protection.

The day also saw Life Time Fitness Inc.’s eight-year deal upsized to $600 million. CEB, Inc.’s $250 million eight-year offering priced as expected with no changes of any kind made.

XPO’s new bonds were easily the busiest issue in Junkbondland on Thursday, trading up slightly from their issue price.

Tenet Healthcare Corp.’s new fixed-rate notes also remained actively traded at solidly higher levels.

Statistical indicators of junk market performance were lower across the board for a third consecutive session on Thursday. They had turned southward on Tuesday and had stayed down on Wednesday after having been mixed for three consecutive sessions before that.

However, high-yield mutual funds and exchange-traded funds, considered a reliable barometer of overall junk market liquidity trends, made a detour from their recent mostly negative pattern this week, posting a sizable inflow.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.