U.S. Acute Care, Harvest Midstream price; Iliad on deck; Citrix levels

By Abigail W. Adams

Portland, Me., April 29 – The domestic high-yield primary market was active on Monday with two deals pricing.

In drive-by action, Harvest Midstream I, LP priced $500 million of eight-year senior notes (B1/BB-).

In a deal that came on an accelerated timeline, U.S. Acute Care Solutions LLC priced $800 million of five-year senior secured notes (B3/B-).

However, the stampede to the market belonged to Europe on Monday with a sterling-denominated offering, a dual-currency offering and four euro-denominated offerings joining the forward calendar.

As market players awaited the deals in the pipeline to break for trade, the secondary space was quiet and flat with little movement in either direction expected in the lead up to the Federal Open Market Committee’s Wednesday announcement.

Market expectations for rate cuts have drastically altered over the past two weeks with the latest round of macro data reviving the stagflation debate, sources said.

With little to move the market on Monday, activity was relegated to carry-over trades and large liquid issues.

Cloud Software Group Holdings Inc.’s (Citrix) 9% second-lien notes due 2029 (Caa2/B-) and Citrix Systems Inc./Tibco Software Inc.’s 6˝% senior secured first-lien notes due 2029 (B2/B) leveled off in active trade after a large move to the upside the previous week.

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