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Springleaf, Antero Midstream price; XPO in focus; Mednax trades up; Uniti down
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 20 – The domestic high-yield primary market was once again open for business on Wednesday with two deals totaling $1.65 billion pricing.
Springleaf Finance Corp. priced an upsized $1 billion issue of 6 1/8% five-year senior bullet notes (ratings Ba3/BB-) at par to yield 6.123%.
Antero Midstream Partners LP priced an upsized $650 million issue of eight-year senior notes (Ba3/BB+/BBB-) at par to yield 5¾% in a quick-to-market trade.
Meanwhile, the secondary space was again flat on Wednesday.
XPO Logistics, Inc.’s newly priced 6¾% senior notes due 2024 (Ba3/BB) were in focus with the notes trading at a slight premium to their issue price.
Mednax, Inc.’s 6¼% senior notes due 2027 were trading well above their reoffer price after the company priced a tap of the split-rated notes.
While new paper was in focus, Windstream Corp.’s junk bonds rebounded on Wednesday after tanking on a court’s verdict in favor of a hedge fund that challenged the telecommunications company spin-off of Uniti Group Inc.
While Windstream’s bonds were making gains, Uniti’s 8¼% senior notes due 2023 were posting losses in active trading.
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