Vantage Drilling, RegionalCare in focus; California Resources gains; Bombardier drops

By Paul H. Harris and Abigail W. Adams

Portland, Me., Nov. 16 – The primary market was silent on Friday with no update on the one deal that remains on the forward calendar.

Atlantica Yield was expected to price a $300 million offering of eight-year senior notes (BB/BB+) during Friday’s session but there was radio silence on the deal as of press time.

With the current condition of the market and the U.S. business days in the fourth quarter narrowing, some have questioned whether primary market activity is winding down for the year.

Meanwhile, new paper from RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. and Vantage Drilling International was in focus in the secondary space on Friday.

While RegionalCare’s 9¾% senior notes due December 2026 (Caa1/CCC+) were slightly weaker from Thursday’s close, they were trading well above their previous lows.

Vantage Drilling International’s 9¼% senior secured first-lien notes (Caa1/B) were coming down from their high after breaking for trade. However, they stood poised to close the day above par.

California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were again major volume movers during Friday’s session, as they have been for much of the week, making gains to close a down week.

Bombardier Inc.’s junk bonds saw high volume activity on Friday with the capital structure under pressure as the stock sold off on headline news.

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