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ION, Covis on hold; volatile junk market ends day up, week down; athenahealth struggles
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 28 – Although the domestic high-yield market expected an active Friday session in new issues, no deals were priced.
ION Analytics cited volatile market conditions for delaying its downsized $475 million equivalent two-part offering of eight-year senior secured notes (B2/B).
Covis Pharma’s $850 million equivalent two-part offering of five-year senior secured notes (B2/B) was also expected to price but may get pulled, sources said.
Meanwhile, the secondary space closed out a volatile week with more volatility.
While the market was heavy for the majority of the session, a late-day surge lifted the space into positive territory with the market ending the day up ¼.
While the market ended Friday strong, it remained negative on the week.
In new paper, Minerva Merger Sub, Inc.’s (athenahealth) 6½% senior notes due 2030 (Caa2/CCC/CCC+) were struggling in the aftermarket with the notes well below par.
Bausch Health Cos. Inc.’s 6 1/8% senior secured notes due 2027 (Ba3/BB/BB) and Embecta Corp.’s 5% senior secured notes due 2030 (Ba3/B+) were volatile alongside the broader market in active trading.
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