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Envision prices downsized deal, trades lower; Vine Oil prices; Tesla dominates
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 28 – The domestic primary market rounded out an active week with $1.6 billion pricing over two deals, including Envision Healthcare Corp.’s closely watched LBO financing deal.
Envision priced a downsized $1,225,000,000 issue of eight-year senior notes (Caa1/B-) at par to yield 8¾%.
The notes were trading at lower levels soon after pricing.
While Envision downsized, Vine Oil & Gas LP and Vine Oil & Gas Finance Corp. upsized its sale of $380 million of senior notes due April 15, 2023 (Caa1/B-) and priced it at par to yield 9¾%.
The forward calendar continued to fill in with Intertape Polymer Group Inc. planning to start a roadshow on Monday for a $250 million offering of eight-year senior notes (B2/B+).
Meanwhile, Tesla Inc.’s 5.3% senior notes due 2025 were the focus of trading activity in the secondary space with the notes dropping after the Securities and Exchange Commission accused chief executive officer Elon Musk of fraud.
Refinitiv’s dollar-denominated tranches from its $4.25 billion equivalent LBO financing deal remained active in secondary trading with the notes growing weaker amid speculation the deal’s sponsor may extract a dividend.
J.C. Penney Co., Inc.’s junk bonds were also active and trading down on Friday after the departure of the company’s chief financial officer.
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