Vivint prices; recent NGPL stays busy; Intelsat gains, hospitals off, funds lose $21 million

By Paul Deckelman and Paul A. Harris

New York, July 27 – After several days of delay, high-yield syndicate sources said that security alarm and home automation services provider Vivint, Inc.’s planned $400 million note issue finally priced on Thursday – but not before there was some surgery on the offering, shortening the tenor and call protection and making some covenant changes demanded by would-be investors.

The traders did see continued brisk activity in Tuesday’s big two-part offering from natural gas pipeline and storage facilities operator NGPL PipeCo LLC as well as in the company’s existing bonds.

Away from the new deals, Intelsat SA’s various note issues were higher on the day, gaining altitude after the communications satellite company reported better second-quarter numbers and expressed confidence in its ability to meet its debt maturities over the next few years.

Hospital operators’ bonds, on the other hand, remained under pressure after Community Health Systems, Inc. issued preliminary second-quarter numbers, including sagging sales and wider losses. Its own bonds were the volume leaders on the day while the contagion spread to sector peer Tenet Healthcare Corp.’s bonds.

Statistical market performance measures moved lower on Thursday after being higher across the board on Tuesday and Wednesday.

Flows of investor cash into or out of high-yield mutual funds and exchange-traded funds eased slightly this week, according to numbers released on Thursday which showed a net outflow of $21 million.

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