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Stericycle prices, trades up; Vistra Energy, Grubhub gain; Envision Healthcare hits new low
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 7 – The domestic high-yield primary market saw one split-rated offering price during the session.
Stericycle, Inc. priced an upsized $600 million split-rated issue of five-year senior notes (BBB-/BB+) at par to yield 5 3/8% on Friday.
While the forward calendar is thin for the coming week, it is not empty.
The forward calendar for the coming week includes a $505 million offering of eight-year senior notes backing the leveraged buyout of U.S. Renal Care, Inc., a $1.39 billion two-part secured notes offer backing the merger of Multi-Color Corp. with W/S Packaging Holdings, Inc. and a $150 million offering from Norway's Petroleum Geo-Services ASA, issuing as PGS ASA.
Meanwhile, in the secondary space, Stericycle’s new paper saw a strong start out of the gate with the notes up more than 1 point.
Grubhub Inc.’s 5½% senior notes due 2027 (Ba3/BB) continued to post gains on Friday after skyrocketing on Thursday.
Vistra Energy Corp.’s 5% senior notes due 2027 (Ba3/BB/BB) were also putting in a strong performance in the secondary space.
While the overall market was strong on Friday, Envision Healthcare Corp.’s 8¾% senior notes due 2026 dropped to its lowest level since pricing following the company’s first-quarter earnings conference call.
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