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Recordati sells upsized €1.3 billion; PHI crashes after ending tender; telecoms gain
By Paul A. Harris and James McCandless
San Antonio, Oct. 12 – The high-yield primary saw a single issue price and that, like the only other deal to come to market during a volatile week, was from Europe.
Italian pharmaceutical firm Recordati SpA priced an upsized €1.3 billion of seven-year senior secured notes (B3/B) in fixed- and floating-rate tranches.
The deal included two €650 million tranches pricing at par, one with a coupon of 6¾%, the other with a coupon of Euribor plus 625 basis points.
Little sustained primary action is expected until the current turbulence subsides, sources said.
In the secondary, PHI, Inc.’s notes crashed after the company announced that it was terminating its cash tender offer for its 5¼% notes due 2019.
Overall the secondary market ended a dour week with some improvement after a rebound in the common stock market.
In the telecom space, Intelsat Jackson Holdings SA and Wind Tre SpA’s bonds were spotted improving.
Meanwhile, HCA Healthcare, Inc.’s junk bonds closed mixed.
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