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LifePoint drives by junkland; Mineral Resources, Shelf hold premiums; AmeriTex flat
By Abigail W. Adams
Portland, Me., Sept. 29 – The domestic high-yield bond primary market capped the most active month of the year with one last offering.
LifePoint Health Inc. priced an upsized $1.1 billion of seven-year senior secured notes (B2/B) in a Friday drive-by.
The offering is the second time LifePoint has tapped the market in the third quarter with the capital raise an example of issuers taking advantage of a market that is wide open, a source said.
Meanwhile, the secondary space remained volatile on Friday with a strong start to the day giving way to selling pressure.
From recent issues, Mineral Resources Ltd.’s 9¼% senior notes due 2028 (Ba3//BB) and Shelf Drilling, Ltd.’s 9 5/8% senior secured notes due 2029 (B3/B-/B) were holding on to the strong premiums gained on the break in active trade.
While the notes were quiet, AmeriTex Pipe & Products’ 10¼% senior secured notes due 2028 (B2/B) fell flat with the notes wrapped around their discounted issue price.
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