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Morning Commentary: LifePoint driving by; Mineral Resources notes trading at a premium
By Abigail W. Adams
Portland, Me., Sept. 29 – The domestic high-yield bond primary market stood poised to cap the most active month of the year with one last offering.
LifePoint Health Inc. plans to price $1 billion of seven-year senior secured notes (B2/B) in a Friday drive-by, sources said.
The offering is the second time LifePoint has tapped the market in the third quarter.
The Brentwood, Tenn.-based health care provider priced an $800 million offering of 9 7/8% senior secured notes at par on July 31.
The 9 7/8% senior notes have struggled since hitting the aftermarket with the notes underwater since breaking for trade.
They have spent much of September trading on a 97-handle with a yield of about 10 3/8%, a source said.
The company’s latest pass at the market is opportunistic with the company taking advantage of the market for its refinancing needs while it’s wide open, a source said.
If priced at the initial size, the offering will lift the month’s tally for new issuance to $22.28 billion, marking the busiest month of 2023.
Meanwhile, the secondary space saw a strong start with the market encouraged by the latest Consumer Price Expenditure report, which came in below expectations.
However, Michigan sentiment data cooled the market’s initial response with one-year inflation expectations unchanged at 3.2%, a source said.
New and recent issues continued to put in strong performances with the deals that priced in the previous session trading at or with a premium to their issue price.
Mineral Resources Ltd.’s 9¼% senior notes due 2028 (Ba3//BB) were holding onto the strong premium gained on the break in active trade early in the session.
The notes were marked at par ¾ bid, 101¼ offer.
The $1.1 billion issue priced at par on Thursday.
Pricing came at the tight end of the 9¼% to 9½% yield talk.
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