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HC2, LifePoint carry over; McDermott tanks again; Revlon pops post earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 9 – While the domestic primary market saw the two deals on its forward calendar pushed into the Nov. 12 week, the European primary market saw some action with two issuers pricing and one more joining the forward calendar.
RegionalCare Hospital Partners Holdings, Inc. and LifePoint Health, Inc.’s $1,575,000,000 offering of eight-year senior notes (Caa1/CCC+) and HC2 Holdings, Inc.’s $535 million offering were expected to price on Friday but volatility in the markets delayed the deals.
Meanwhile, the secondary space was soft on Friday after starting the week strong.
California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were the most actively traded name in the secondary space on Friday.
The notes again traded down as crude oil futures continued their decline after entering bear territory on Thursday.
McDermott International Inc.’s 10 5/8% senior notes due 2024 (B2/B-) also saw high-volume activity with the notes again cratering after seeing a slight rebound earlier in the week.
Trading activity continued to focus on earnings related news with some notes dropping and others gaining after their earnings announcements.
However, Revlon, Inc.’s 5¾% senior notes due 2021 (caa3/CCC) popped on Friday after a large earnings surprise with the company posting a profit.
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