Community Health Systems, OneMain, Vistra drive-by; Bread Financial joins calendar; CVR struggles

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 11 – An active Monday session in the high-yield primary market saw three issuers price a $2.05 billion total face amount of junk.

Vistra Operations Co. LLC priced an upsized $750 million of high-yield and investment-grade notes.

Community Health Systems, Inc. priced an upsized $1billion issue(from $750 million) of eight-year senior secured notes (Caa1/B-/B+) at par to yield 10 7/8%, at the tight end of talk.

And OneMain Finance Corp. priced a massively upsized $700 million issue (from $400 million) of 7 7/8% 6.25-year senior notes (Ba2/BB/BB+) at 99.413 to yield 8%.

Meanwhile Bread Financial Holdings, Inc. is expected to price a $500 million offering of 5.25-year senior notes (Fitch: BB-) on Tuesday.

While the market awaited the next big catalyst for movement, new and recent issues and topical news drove activity in the secondary space.

CVR Energy Inc.’s 8½% senior notes due 2029 (B1/B+/BB-) struggled in the aftermarket with the notes trading firmly below their issue price.

Topical news continued to drive large price movements in the secondary space with Macy's Retail Holdings LLC’s senior notes (Ba2/BB+) popping on a takeover offer.

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