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Nemaska prices; Hearthside, Valeant join calendar; MDC tanks; funds add $0.76 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 10 – The domestic high-yield primary market was comparatively quiet on Thursday after pricing $3.2 billion on Wednesday. Nemaska Lithium, Inc. sold $350 million of 11¼% five-year callable senior secured notes Thursday.
Two issuers joined the forward calendar with Hearthside Food Solutions planning to start a roadshow on Monday for a $375 million offering of eight-year senior notes (S&P: CCC+).
Valeant Pharmaceuticals International, Inc. announced that it intends to issue $750 million of senior secured notes and $750 million of unsecured notes as part of a $6.52 billion refinancing package.
Meanwhile, Wednesday’s deals were in focus in the secondary space.
Centene Corp.’s newly priced 5 3/8% senior notes due 2026 (Ba1/BB+) and WPX Energy, Inc.’s newly priced 5¾% senior notes due 2026 (B1/BB-) dominated the secondary market, accounting for more than 25% of the total trading volume.
MDC Partners Inc.’s 6½% senior notes due 2024 continued the downward spiral that began on Wednesday when the company reported a large earnings miss and revised forward guidance in its first quarter earnings report.
High-yield mutual funds and exchange-traded funds continued their recent back and forth swings in the latest week, losing $0.755 billion of cash in the week to May 9, according to fund-flow statistics generated by AMG Data Services Inc.
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