Junk: EQM Midstream prices; goeasy flat; First Quantum active; Community Health squeezed

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 21 – On Wednesday EQM Midstream Partners, LP priced a $600 million issue of five-year senior notes (Ba3/BB-/BB) at par to yield 6 3/8% in a drive-by.

The yield printed at the tight end of the 6 3/8% to 6½% yield talk.

Meanwhile, it was a soft day in the secondary space on Wednesday with the cash bond market off about 1/8 point, sources said.

From recent issues, goeasy Ltd.’s new 7 5/8% senior notes due 2029 (Ba3/BB-) were lower alongside the broader market with the notes giving up the nominal premium gained on the break to close the day wrapped around par.

First Quantum Minerals Ltd.’s 8 5/8% senior notes due 2031 (B) were trading in heavy volume but little movement in price on Wednesday after the company announced a new refinancing deal to take out its 2025 and 2026 notes.

With the pipeline slowing down, attention was shifting to topical and earnings-related news.

Community Health Systems, Inc.’s senior notes were under pressure after disappointing earnings and weak guidance.

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