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Mednax prices; HC2, LifePoint on tap; Dean Foods, Coty under pressure post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 7 – The domestic primary market saw one cross-over deal price with two straight junk deals on tap.
Mednax, Inc. priced a downsized $500 million issue of split-rated 8.2-year senior notes (Ba2/BBB-) at par to yield 6¼%.
HC2 Holdings, Inc. set official price talk for its $535 million offering of five-year senior secured notes (Caa1/B-) with pricing expected on Thursday.
RegionalCare Hospital Partners Holdings, Inc. and LifePoint Health, Inc. are set to wrap up their roadshow for a $1,575,000,000 offering of eight-year senior notes (Caa1/CCC+) on Thursday.
Meanwhile, trading activity in the secondary space continued to focus on earnings reports with several names under pressure in high-volume activity.
Dean Foods Co.’s outstanding tranche of 6½% senior notes due 2023 was among the most actively traded issues of the day with the notes under pressure after an earnings miss.
Coty Inc.’s 6½% senior notes due 2026 also dropped after the company missed revenue projections due to supply chain disruptions.
Outside of earnings-related news, political tailwinds benefited several sectors after the U.S. midterm elections, with the energy sector boosted by the defeat of state ballot referendum Colorado Proposition 112.
Extraction Oil & Gas, Inc.’s7 3/8% senior notes due May 2024 skyrocketed on the results.
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