Tempur Sealy, Vivint, Universal Health price; Wednesday deals busy; funds up $1.14 billion

By Paul Deckelman and Paul A. Harris

New York, May 19 – The high-yield primary sphere continued to churn out new deals on Thursday. The day saw a pair of upsized purely junk-rated offerings totaling $1.1 billion as well as a split-rated $800 million two-part transaction.

Tempur Sealy International, Inc. came to market with a quickly shopped $600 million of 10-year notes, while Vivint, Inc. priced $500 million of secured 6.5-year notes through its holding company as a regularly scheduled forward calendar deal. Both of those upsized junk offerings were quoted having firmed modestly in the aftermarket; Vivint’s existing paper, some of which could be taken out using new-deal proceeds, was solidly better.

Universal Health Services, Inc. did a quick-to-market, split-rated $800 million two-part deal, consisting of an add-on to its existing 2022 notes and a tranche of new 10-year paper. Both of those bonds also moved up from their respective issue prices.

Traders meantime saw considerable activity in the issues that had come to market on Wednesday from Sirius XM Holdings, Inc., NXP BV and Vereit, Inc.

Statistical market performance measures were lower across the board for a second consecutive session on Thursday.

Another numerical indicator, flows of investor cash in to or out of high-yield mutual funds and exchange-traded funds, turned positive this week. Some $1.14 billion more came into those weekly-reporting-only domestic funds than left them in the form of investor redemptions during the week ended Wednesday.

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