Diamond Sports weakens; McGraw-Hill, West Corp. jump; Transocean holders hold off

By Abigail W. Adams

Portland, Me., Oct. 27 – There were some large price movements in distressed debt credits on Tuesday with the prospects of some paper improving and others deteriorating.

Diamond Sports Group LLC and Diamond Sports Finance Co.’s senior notes continued their downward spiral as bondholders brace for a possible restructuring.

While volume was light, McGraw-Hill’s 7 7/8% senior notes due 2024 jumped more than 8 points.

Fellow Apollo Global Management subsidiary West Corp.’s 8½% senior notes due 2025 were also on the rise with Apollo slated to report earnings on Thursday.

Meanwhile, the majority of holders of Transocean Ltd.’s 6½% senior notes due Nov. 15, 2020 held onto their soon-to-mature notes with few participating in the company’s tender offer.

In its deal, Diamond Sports’ senior notes continued their downward spiral in active trading on Tuesday as holders brace for a possible restructuring.

The sports broadcaster’s 5 3/8% senior secured notes due 2026 traded to a new low of 57¼ in intraday activity, a source said.

However, the notes gained strength into the close, ending the day at 58¾.

There were more than $30 million of the bonds on the tape during Tuesday’s session.

Diamond Sports’ 6 5/8% senior notes due 2027 dropped another 2 points to trade on a 38-handle.

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