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Bombardier notes better after sale conditions met; Endo up on BioSpecifics acquisition
By James McCandless
San Antonio, Dec. 2 – The manufacturing and pharmaceuticals industries were in focus in the Wednesday distressed debt market.
Bombardier, Inc.’s notes were in better form after the company said that it had regulatory approval to sell its rail unit.
The 7 7/8% senior notes due 2027 picked up 1¼ points to close at 88¼ bid. The 7½% senior notes due 2024 rose ¼ point to close at 92½ bid.
About $21 million of the notes were on the tape.
On Tuesday, the Montreal-based air and rail manufacturer announced that it had received the necessary regulatory approvals to complete the sale of its rail unit to a French counterpart.
With the regulatory hurdles cleared, the company said it was on track to complete the $8.4 billion transaction with Alstom.
The deal is set to close on Jan. 29, 2021.
Meanwhile, in the pharma space, Endo International plc’s issues rose after announcing the completion of an acquisition.
The 6% senior notes due 2028 gained ½ point to close at 80 bid. The 9½% notes due 2027 moved up ¾ point to close at 111¼ bid.
Early Wednesday morning, the Dublin-based pharmaceuticals company announced the completion of its acquisition of competitor BioSpecifics Technologies Corp.
The all-cash transaction was completed for $540 million.
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