Junk: Heartland Dental prices; EquipmentShare at a premium; Copeland struggles; QVC pops

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 5 – The domestic high-yield primary market capped the end to an active week with one deal clearing the market.

Heartland Dental, LLC and co-issuer Heartland Dental Finance Corp. priced an upsized $535 million issue of five-year senior secured notes (B2/B).

Meanwhile, it was a strong end to a volatile week in the secondary space with buyers returning to the market en masse.

New paper remained in focus although the deals to clear the primary market on Thursday were following different trajectories.

While EquipmentShare.com Inc.’s 9% second-lien senior secured notes due 2028 (B3/B-) struggled during bookbuilding, the notes traded with a strong premium in the aftermarket with the cheapness of the deal hard to ignore.

However, Copeland’s 6 5/8% senior secured notes due 2030 (Ba3/BB-/BB-), which were heard to have played to strong demand during bookbuilding, were struggling in the aftermarket with the notes dipping below par.

Outside of new paper, QVC Inc. was in focus with entire curve jumping 5 to 7 point after its parent company posted better-than-expected earnings.

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