HCA lags; LifePoint, Post, APX, Buckeye, Brookfield at a premium; Whiting drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 12 – After putting up $8.5 billion of issuance in the first two days of the Feb. 10 week, the primary market took a breather on Wednesday.

While the calendar is thin heading into the final days of the week, it is not empty.

Hecla Mining Co. is expected to price its $475 million offering of eight-year senior notes (existing ratings Caa1/B-) on Friday.

And Zayo Group Holdings Inc.’s $3.1 billion megadeal is on deck.

Meanwhile, the secondary space was firm on Wednesday with the market in general up an eighth, sources said.

New issues continued to dominate trading activity.

New paper from Post Holdings Inc., Buckeye Partners LP, APX Group, Inc., LifePoint Health, Inc. and Brookfield Residential Properties, Inc. were all trading at a premium in the secondary space.

However, HCA Healthcare, Inc.’s newly priced 3½% senior notes due 2030 were lagging their issue price (Ba2/BB-/BB), which sources attributed to the “ridiculous,” and “unbelievable” coupon.

Whiting Petroleum Corp.’s junk bonds dropped in high-volume activity amid speculation the company was exploring a restructuring.

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