Zayo megadeal on deck; Hecla Mining prices; Bombardier gains; HCA continues to ‘flounder’

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 13 – After pricing almost $10 billion in the early part of the week, the domestic high-yield primary market stood poised to close the week with a quiet exit.

Hecla Mining Co. priced its $475 million offering of eight-year senior notes, clearing the forward calendar.

Adding a new name to the calendar, Zayo Group Holdings Inc. disclosed plans on Thursday to start a roadshow in the Feb. 17 week for its $3.08 billion two-tranche megadeal.

Meanwhile, in secondary trading HCA Healthcare, Inc.’s newly priced 3˝% senior notes due 2030 (Ba2/BB-/BB) remained one of the most actively traded issues in the space although the notes “continued to flounder,” a source said.

While volume was light, Laredo Petroleum Inc.’s recently priced 9˝% senior notes due 2025 and 10 1/8% senior notes due 2028 (B3/B+) continued their downward spiral after reporting earnings.

Bombardier Inc.’s junk bonds were in focus and making gains following news of an asset sale.

While the week was mixed, the overall technicals of the market remained strong with another multibillion inflow reported on the week.

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