Acrisure upsizes; Energizer improves; HCA trades up; MEG Energy slightly rebounds; Tesla drops

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 18 – The primary market continued to churn out new deals with one dollar-denominated issue pricing.

The European primary market also showed signs of life with one deal joining the growing forward calendar.

Acrisure LLC and Acrisure Finance Inc. priced an upsized $750 million issue of five-year senior secured notes (B3/B) at par to yield 8 1/8% on Friday.

Accor SA (BBB-/BBB-) intends to place €500 million of perpetual non-call 5¼-year hybrid securities (expected ratings BB/BB).

Meanwhile, new paper was in focus in the secondary space, which saw another strong day on Friday.

New paper from HCA Inc. dominated activity in the secondary space with both the new 5 7/8% notes and the tap of the 5 5/8% notes trading at a large premium to their issue price.

Acrisure’s new 8 1/8% senior notes also saw high-volume activity with the notes sharply higher after breaking for trade.

Energizer Holdings, Inc.’s 7¾% senior notes due 2027 (B2/B+) continued to see gains in the secondary space after skyrocketing on Thursday.

Outside of the new paper, MEG Energy Corp.’s junk bonds saw a slight rebound on Friday after tanking during Thursday’s session.

Tesla Inc.’s 5.3% senior notes due 2025 traded down in active trading after the electric car manufacturer announced it was slashing its workforce by 7%.

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