Centene, OneMain/Springleaf, WPX Energy price; Gogo drops; energy sector outperforms

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 9 – The primary market saw a full day of drive-by action on Wednesday with three issuers pricing upsized single-tranche quick-to-market deals.

Centene Corp. priced an upsized $1.8 billion issue of eight-year senior notes (Ba1/BB+) at par to yield 5 3/8%.

OneMain/Springleaf priced an upsized $900 million issue of Springleaf Finance Corp. non-callable eight-year senior notes (B1/B) at par to yield 7 1/8%.

WPX Energy, Inc. priced an upsized $500 million issue of eight-year senior notes (B1/BB-) at par to yield 5¾%.

Calfrac Holdings LP hopped aboard the active forward calendar by launching a roadshow on Wednesday for a $650 million offering of eight-year senior notes (B3/B-).

Meanwhile, Gaming & Leisure Properties, Inc.’s newly priced $1 billion dual-tranche split-rated senior notes (Ba1/BBB-) remained active in the secondary space with each tranche slightly improved.

Energy sector names continued to outperform with California Resources Corp.’s 8% senior notes due 2022 again seeing gains as the price of crude oil topped a new 3.5-year high.

WeWork Cos. Inc.’s recently priced 7 7/8% senior notes due 2025 (Caa1/B+/BB-) continued to weaken in the secondary space with the notes now trading at 93.

Gogo Inc.’s 12½% senior notes due 2022 dropped 3 points in high volume trading after a Moody’s Investors Service downgrade on Tuesday.

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