Zimmer, Ohio Power, Entergy Arkansas price notes; credit spreads recover

By Cristal Cody

Tupelo, Miss., March 13 – Tone improved over Friday’s session with a handful of issuers in the high-grade primary market and a turnaround in equities after U.S. president Donald Trump declared a national emergency regarding the coronavirus.

Zimmer Biomet Holdings, Inc. came with $1.5 billion of senior notes in two tranches.

The six-year issue priced more than 10 basis points tighter than initial talk, while the second tranche priced on top of guidance.

Ohio Power Co. sold $350 million of 10-year senior notes, 15 bps better than initial talk.

Entergy Arkansas, LLC priced a $100 million reopening of its 4% first mortgage bonds due June 1, 2028, 10 bps tighter than talk.

High-grade credit spreads improved more than 15 bps on Friday, closing the week more than 35 bps wider at a spread of 120.34 bps.

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