Calpine prices new offering, recent issues unchanged; Bausch active; Vivint, Rite Aid gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 19 – The domestic high-yield primary market caught many by surprise with one drive-by deal clearing the market.

Just over a week after pricing a benchmark first-lien deal, Calpine Corp. returned to price an upsized $1.4 billion issue of senior unsecured notes.

Meanwhile, the secondary space continued to grind tighter into the year’s end.

While the late December illiquidity was setting in, the continued influx of new paper helped the overall volume.

Calpine Corp.’s new offering sparked activity in the recently priced 4½% senior notes due 2029 (Ba2/BB). However, the notes were largely unchanged.

While activity in Bausch Health Cos. Inc.’s recently priced two tranches of senior notes (B3/B/B) tempered, they remained volume leaders although with little movement in price.

APX Group Inc.’s capital structure jumped in active trading after revised terms for the merger of Vivint and Mosaic Acquisition Corp. were announced.

Rite Aid Corp.’s 6 1/8% senior notes due 2023 also jumped in active trading after a surprise earnings beat.

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