Tenet, Vistra, Albertsons, MGM price; Studio City on tap; Acrisure, HCA, Energizer down

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan 22 – The high-yield primary market was in full force on Tuesday with four deals totaling $4.15 billion pricing in quick-to-market trades.

It was the highest volume day for new deal activity since Sept. 18 with all four deals upsizing and executions coming tight.

Tenet Healthcare Corp., Vistra Energy Corp., MGM Growth Properties LLC and Albertsons Cos., Inc. all priced upsized deals.

In addition to the new deal activity, Studio City Co. Ltd. and Studio City Finance Ltd. joined the forward calendar with a $425 million offering of five-year senior notes (S&P: B+) which will roadshow during the latter part of the Jan. 21 week

Meanwhile, the secondary space was soft on Tuesday with concerns about a slowdown in global growth dragging down equities and crude oil futures again on the decline.

The new paper remained in focus in the secondary space with recent deals continuing to come in from their initial highs after pricing.

Acrisure LLC and Acrisure Finance Inc.. HCA Inc. and Energizer Holdings, Inc. all had recent issues that were down in secondary trading.

Outside of the new paper, Adient Global Holdings Ltd.’s 4 7/8% senior notes due 2026 were again down on Tuesday after staging a recovery following a sell-off last week.

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