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Primary quiets, awaits restructured Kindred two-parter; energy leads market lower
By Paul Deckelman and Paul A. Harris
New York, Dec. 10 – Pricing activity in the high-yield primary sphere dried up on Wednesday, with syndicate sources reporting that no new dollar-denominated and junk-rated paper had come to market during the session.
However, things were happening behind the scenes, with what is expected to be the last remaining megadeal of the year, a $1.35 billion two-part offering from Kindred Healthcare Escrow Corp. II, heard to have been restructured, which pushed the pricing of the Louisville, Ky.-based health-care facilities operator’s deal back a day, till Thursday.
Nothing else seemed to be going on in the dollar market, although the sources said that in the euro space the eight-year offering backing the pending acquisition of Singapore-based hearing instrument manufacturer Siemens Audiology Solutions had been downsized to €275 million. The roadshow for that offering is slated to wrap up on Thursday.
Away from the new-deal arena, energy names were once again driving the overall market to a loss of between ½ to ¾ of a point, as oil prices resumed their slide Wednesday after actually having risen on Tuesday.
Among the credits leading that retreat were familiar names like California Resources Corp., Halcon Resources Corp. and Sandridge Energy Inc.
Apart from the energy credits, gym operator 24 Hour Fitness Worldwide Inc.’s bonds fell badly, although no fresh negative news was seen that might explain the slide.
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