LifePoint, H&E price; C&S Group on deck; FirstEnergy in focus

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 30 – The domestic high-yield primary market was active on Monday with two drive-by deals clearing the market.

In a heavily oversubscribed offering, H&E Equipment Services, Inc. priced a $1.25 billion issue of eight-year senior notes (B2/BB-).

LifePoint Health, Inc. also priced a $500 million issue of senior notes due Jan. 15, 2029 (Caa1/CCC+).

C&S Group Enterprises LLC also began to market a $300 million offering of eight-year senior notes.

The deal joins U.S. LBM Holdings Inc. and United States Cellular Corp. on the forward calendar.

Meanwhile, the secondary space was equally active although largely unchanged on Monday with many accounts occupied with end-of-month activity, sources said.

While H&E’s new notes were trading at a nominal premium to their issue price on the break, CNX Resources Corp.’s recently priced 6% senior notes due 2029 continued to tick higher.

FirstEnergy Corp.’s senior notes were in focus with the capital structure improving as the notes from the recent fallen angel shifted from investment grade to high-yield hands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.