IHS Drops As More Than $20 Mln Trades
A total of $20-30 million of Integrated Health Services' bank debt traded last week at 41, which is down slightly for the name. Dealers say while health care continues to see a resurgence, the piece traded down in sympathy with a struggling high-yield sector. "The whole high-yield market has been weakening in last week or two as the stock market took a beating," he said. "In general people are pretty upbeat about that sector." Based in Sparks, Md., the company owns more than 365 nursing homes and 15 specialty hospitals.
Two weeks ago the bank debt traded at 42 1/2 in an auction (LMW, 3/25). Levels have jumped around as market players speculate on whether the company is about to pull out of Chapter 11 bankruptcy. Integrated Health has a $2.15 billion credit facility that breaks down into a $1 billion revolver, a $750 million term loan "B," and a $400 million "C" tranche. Salomon Smith Barney and TD Securities are the lead arrangers, according to Capital DATA Loanware.