By Joy Ferguson
April 26 (IFR) – Four deals are set to price in Thursday’s
high-yield market.
INEOS Finance has cancelled the euro portion of
its downsized bond offering, and has set the US dollar bond at
US$775m. The loan has been upsized, with the bonds and loans
totaling US$3.8bn. The eight-year non-call three senior secured
notes are being led via Barclays and JP Morgan as joint global
coordinators and joint books, and Goldman Sachs and UBS as lead
arrangers and joint books.
It was announced Wednesday that the company had decreased
the US$2.2bn equivalent bond offering by at least US$500m
following a loan upsize.
Talk was also revised lower. The US dollar tranche is
expected to yield between 7.50% and 7.625% (from 7.625%-7.875%),
while the euro tranche was slated to price 25bp behind the US
dollar tranche (from 37.5bp behind the US tranche).
Radiation Therapy’s US$335m five-year non-call
two senior secured second lien notes are expected at talk of
8.75%-9% through Wells Fargo, Morgan Stanley, SunTrust Robinson
Humphrey and Barclays joint books.
Prospect Medical’s US$325m seven-year non-call
three senior secured notes are scheduled for this afternoon,
with talk set at 8.25%-8.50%. Morgan Stanley, Credit Suisse and
RBC are joint books.
MBI Energy is also expected with US$250m in eight-year
non-call four senior notes via RBC and Wells Fargo. The Caa1/B
rated deal is talked at 10% (revised from 9.50% area).
Also, Tenet Healthcare announced this morning the
terms of a US$291m add-on, which priced yesterday through BofA
Merrill. Roughly US$141m was added to its 6.25% senior secured
notes due 2018. This tranche priced at 101 for a yield to worst
of 6.062%. Another US$150m was tacked on to the 8% senior notes
due 2020, with pricing coming at 99.75 for a yield to worst of
8.039%. Proceeds will be used to repurchase the company’s
US$299m mandatory convertible preferred stock.
In the secondary market, the CDX HY18 was up an eighth of a
point at 95.8125-95.9375. Markets were higher on positive
housing data.
U.S. Treasuries……….
U.S. Treasury outlook…
U.S. corporate bonds….
U.S. agencies………..
U.S. mortgage-backeds…
U.S. asset-backeds……
U.S. municipal bonds…
(Reporting by Joy Ferguson; Editing by Marc Carnegie)
