HCA, BMC, Marriott, Herbalife price; WellCare active; Rite Aid dominates

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 9 – Thursday marked one of the busiest days of the quarter for the high-yield primary market with $4.63 billion pricing in four deals in a week that has already seen $4.1 billion in new issuance.

HCA Inc. priced $2 billion of senior bullet notes (Ba2/BB-) in two tranches in a drive-by. BMC Software priced two tranches of eight-year senior notes (Caa2/CCC+), which included a $1,475,000,000 tranche and a €301,500,000 tranche.

Marriott Vacations Worldwide Corp. priced a $750 million issue of eight-year senior notes (S&P: BB-) and Herbalife Nutrition Ltd. priced a $400 issue of eight-year senior notes (B1/BB-) at par to yield 7¼%.

The 7 1/8% senior notes due 2026 (B1/B+) from OneMain Holdings Inc.’s Springleaf Finance Corp. subsidiary were volume leaders on Thursday after Springleaf priced a $700 million add-on on Wednesday.

However, trading of the new paper did not come close to the frenzy surrounding Rite Aid Corp.’s 6 1/8% senior notes due 2023.

The notes dropped up to 8 points in the fury of activity after Rite Aid and Albertsons Cos., Inc. announced the termination of their proposed merger.

Meanwhile, high-yield mutual funds and exchange-traded funds saw inflows for the second consecutive week, adding $828 million for the week ended Aug. 8, according to fund-flow statistics generated by AMG Data Services Inc.

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