Nathan’s prices, then pops; euro market busy; hospitals mostly off; SuperValu gyrates

By Paul Deckelman and Paul A. Harris

New York, Oct 18 – The high-yield dollar-denominated market saw its third relatively quiet session in as many days on Wednesday, as only one single-tranche offering priced, the same as happened on Monday and again on Tuesday.

This time it was fast-food restaurateur Nathan’s Famous, Inc., which priced $150 million of eight-year secured notes in a regularly scheduled forward calendar transaction.

Traders said that the investors greeted the new deal from the hot dog and French-fry emporium operator with considerable relish, as the new bonds shot up in active aftermarket dealings.

With the dollar market otherwise muted, the spotlight shifted to the euro-denominated sphere, with French vehicle-rental company Europcar pricing a €950 million two-part offering of secured and unsecured notes, while Italian telecommunications operator WindTreSpA began shopping around a €7.3 billion equivalent behemoth of a multi-tranche deal, which will include both euro-and dollar-denominated components.

Back among the purely dollar-denominated credits, traders said that hospital names such as Community Health Systems, Inc. and Tenet Healthcare Corp., up over the past two days after having been battered on Friday, were mostly back on the downside on Wednesday. But HCA Inc. seemed to be holding its own.

SuperValu, Inc.’s notes were gyrating around – first moving higher but then ending the day lower, as the supermarket operator and grocery wholesaler announced fiscal second-quarter results and an acquisition in the wholesale area.

© 2015 Prospect News.
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