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Primary prices $4.15 billion in seven tranches; HCA upsizes to $2.7 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 11 – The domestic high-yield primary market was on fire on Tuesday with six issuers pricing $4.15 billion in seven tranches and one issuer launching a deal that had been upsized by $1.7 billion.
Post Holdings Inc. priced $1.25 billion; Buckeye Partners LP priced $1 billion in two tranches; APX Group, Inc. priced $600 million; LifePoint Health, Inc. priced $600 million; Brookfield Residential Properties, Inc. priced $500 million; and Cimpress plc priced a $200 million add-on.
While final terms were not available as of press time, HCA Healthcare, Inc. launched a $2.7 billion offering that had been upsized from $1 billion.
Meanwhile, the secondary space was firm on Tuesday with new issuance in focus.
While the deals to price during Tuesday’s session were still finding their levels, some saw a strong break while others largely hovered at par.
The deals to price on Monday remained active in the secondary space with Valvoline Inc.’s 4¼% senior notes due 2030 (Ba3/BB) and Block Communications, Inc.’s 4 7/8% senior notes due 2028 (B1/B+) putting in strong performances.
However, United Rentals (North America), Inc.’s 4% senior notes due 2030 (Ba3/BB-) saw a lackluster reception.
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