Varex prices, skyrockets in aftermarket; PennyMac, Global Medical flat; QTS, HCA improve

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 25 – The domestic high-yield primary market saw one small deal price on Friday.

Varex Imaging Corp. priced a $300 million issue of seven-year senior secured notes (B1/B).

In the secondary space, PennyMac Financial Services, Inc.’s recently priced 5 3/8% senior notes due October 2025 (B2/B+) and Global Medical Response Inc.’s 6½% senior notes due 2025 (B2/B) were both hovering around par.

However, QTS Realty Trust, Inc.’s recently priced 3 7/8% senior notes due 2028 (Ba3/BB) were improved in active trading on Friday.

HCA Healthcare, Inc.’s 3½% senior notes due 2030 (Ba2/BB-/BB) were also improved, paring some of their losses from the week.

While the market tone improved Friday afternoon as equities roared into the close, the secondary space closed the week with losses.

Spreads widened 40 basis points through Wednesday as funds saw one of the largest outflows in recent history, according to a BofA Global Research Report.

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