Starwood prices; MidCap flat; HCA ‘buying frenzy’ continues; Michaels active

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 29 – While only one deal cleared the primary market on Tuesday, four deals remain on the forward calendar.

Starwood Property Trust, Inc. priced a $400 million issue of green-eligible five-year senior bullet notes in a Tuesday drive-by.

Everi Holdings Inc., Elastic NV, Vivint Smart Home, and Victoria's Secret remain on the forward calendar.

Details are also beginning to surface on SoftBank Group Corp.’s megadeal, which is expected to come after the holiday weekend.

Meanwhile, it was another sideways day in the secondary space with new and recent issues continuing to dominate the tape.

MidCap Financial Issuer Trust’s 5 5/8% senior notes due 2030 (B1/B+/BB) were in focus although the notes were largely trading around their issue price.

While new paper remained the focus of the space, there was some activity outside of new deals as accounts engaged in end-of-quarter cleanup and topical news pushed some outstanding issues into the spotlight.

HCA Healthcare, Inc.’s capital structure continued to rise with the company’s unsecured tranches seeing a “buying frenzy,” after Moody’s Investors Service lifted the health care company’s unsecured ratings to investment grade.

Michaels Cos., Inc.’s 7 7/8% senior notes due 2029 (B3/CCC+) saw a burst of activity on Tuesday with the notes posting minor gains.

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