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LifePoint drives-by, 2025 notes jump on tender offer; Veritex joins calendar; Arconic higher
By Abigail W. Adams
Portland, Me., July 31 – The domestic high-yield primary market saw some action on Monday with one drive-by deal pricing and another joining the forward calendar.
In a deal that played to heavy demand, LifePoint Health Inc. priced an upsized $800 million offering of seven-year senior secured notes (B2/B).
VT Topco Inc. (Veritext) joined the forward calendar with a $720 million offering of seven-year first-lien senior secured notes (B2/B).
Meanwhile, it was a ho-hum day in the secondary space with the cash bond market either side of unchanged as credit spreads continued to hover near their tightest levels of the year.
Recent issues and end-of-month rebalancing were the drivers of activity during Monday’s session.
As market players awaited LifePoint’s new offering to free for trade, the company’s 6¾% senior secured notes due 2025 jumped with proceeds to be used to fund a tender offer for the notes.
Arsenal AIC Parent LLC’s recently priced 8% senior secured notes due 2030 (Ba3/B+/BB+) backing the buyout of Arconic continued to march higher with the notes rising to a 102-handle.
Brand Industrial Services, Inc.’s 10 3/8% senior notes due 2030 (B3/B-) also improved in heavy volume.
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