Junk closes with weekly gains; Tenet breaks par; Community Health gains; Carnival improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 22 – The domestic high-yield primary market marked a quiet summer session on Friday with no deals pricing and just one deal on the active forward calendar.

Patagonia HoldCo LLC is expected to price its $500 million offering of seven-year senior secured first-lien notes (B1/B+) in the week ahead.

Meanwhile, it was another strong session for the secondary space with ETF buying lifting the overall market, a source said.

Carnival Corp.’s senior notes continued to see heavy volume with the notes resuming their upward momentum after giving back some gains the previous session.

Tenet Healthcare Corp.’s 6 1/8% senior secured notes due 2030 (B1/BB-/BB-) reclaimed par for the first time since shortly after pricing following a surprise earnings beat.

However, CHS/Community Health Systems, Inc.’s senior notes were the major gainers of Friday’s session with the hospital chain’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) jumping 5 points on renewed optimism for the company’s upcoming earnings.

© 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.