Tenet prices $4.2 billion; Clear Channel in focus; Exela rebounds; Tenet mixed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 12 – The domestic high-yield primary market saw one megadeal price during Monday’s session.

Tenet Healthcare Corp. priced a supersized $4.2 billion offering of senior secured first-lien notes (Ba3/BB-) in three tranches.

While the active forward calendar was vacant as of Monday, the Aug. 12 week may be the last active week ahead of the Labor Day holiday.

Meanwhile, the secondary space was soft on Monday although volume was light, sources said.

Tenet Healthcare’s outstanding junk bonds were mixed as the market awaited the health care company’s megadeal.

Clear Channel Outdoor Holdings, Inc.’s 5 1/8% senior notes due 2027 (B1/B+) were in focus with the notes continuing to trade at a premium to their issue price.

Exela Technologies Inc.’s 10% senior notes due 2023 rebounded in high-volume activity on Monday after tanking during last Friday’s session.

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