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Primary stays quiet amid more fund outflows, awaits Transworld; Radiation Therapy still active
By Paul Deckelman and Paul A. Harris
New York, July 21 – For a second consecutive session, the high-yield primary market failed to price any dollar-denominated, fully junk-rated paper on Monday; in fact, no junk pricing in any currency was seen, unlike Friday’s session, when French equipment rental concern Loxam SAS brought a two-part euro-denominated deal and Canada-based Perpetual Energy Inc. did a single-tranche offering denominated in that nation’s currency.
Instead, market participants said Junkbondland was experiencing the usual “summer Monday doldrums” – but compounded by continuing investor unease that has led to renewed outflows from high-yield mutual funds and exchange-traded funds. The flow of fresh cash into or out of those funds is considered a good measure of overall liquidity trends. Those new outflows came on the heels of the massive $1.68 billion cash bleed reported last week by AMG/Lipper, the biggest such hemorrhage of money from the funds seen since last August.
Junk players awaited the pricing of a $440 million offering of secured bonds from Aston Escrow Corp. to finance the acquisition of Santa Rosa, Calif.-based business services provider Transworld Systems Inc. by Platinum Equity.
Away from the new deals, there was continued activity in the bonds of 21st Century Oncology Holdings, Inc. – the healthcare company formerly known as Radiation Therapy Services, Inc. – amid investor worry that the company’s already-stressed finances may be further hit by expected large cuts in the federal government’s reimbursements to Medicare and Medicaid providers.
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