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EnPro, Intelsat Jackson add-on price; HD Supply, Hilcorp, Matador up a bit; Envision lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 2 – The primary market remained active on Tuesday with $1.05 billion in new paper pricing.
Intelsat Jackson Holdings SA priced a $700 million add-on to its 8½% senior notes due Oct. 15, 2024 (Caa2/CCC+) at 100.75 to yield 8.339% in a Tuesday drive-by.
EnPro Industries, Inc. priced a $350 million issue of eight-year senior notes (B1/BB) at par to yield 5¾%.
Meanwhile, Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Caa1/B-) continued to dominate activity in the secondary space with the notes again trading lower.
Sources attributed to the notes’ poor performance to the deal’s weak allocation and covenants.
HD Supply Holdings, Inc.’s 5 3/8% senior notes due 2026 (Ba3/BB-) and Hilcorp Energy Co.’s 6¼% senior notes due 2028 were active and trading at a slight premium to their issue price on Tuesday.
While trading at a premium to its issue price, Matador Resources Co.’s add-on to its 5 7/8% senior notes due 2026 (B2/BB-) drove the notes down from their previous levels.
After a large drop on Monday, PHI Inc.’s 5¼% senior notes due March 15, 2019 rebounded on Tuesday with large amounts trading as the company continues to struggle to find financing for its tender offer.
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