Talen mixed; Transocean flat; Endo bonds calm; Washington Prime soft; AMC improves

By Cristal Cody

Tupelo, Miss., July 28 – Distressed bonds in the energy and pharmaceuticals sectors remained mixed in light secondary action on Wednesday.

Talen Energy Supply LLC’s bonds were mixed during the session.

The 7 5/8% notes due 2028 (Ba3/BB-) were up ¾ point to 88, 89, a source said.

Transocean Inc.’s notes were mostly unchanged on the day after weakening about 2 points to more than 3¼ points on Tuesday and 1 point to 2½ points on Monday.

Distressed pharmaceuticals bonds from Endo International plc and Mallinckrodt LLC were mixed.

Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) headed out unchanged at 68½ bid after softening 1½ points in the prior session.

The company’s bonds had soared in the prior week after the issuer announced a $35 million opioid-related settlement.

“The senior notes just shot up, and now they’re starting to calm down,” a market source said. “There’s not a lot of movement.”

Mallinckrodt’s bonds were weaker during the session with the 5¾% notes due 2022 down 1 1/8 points at 65½ bid.

In other distressed issues, Washington Prime Group, LP’s 6.45% notes due 2024 (C/D/CC) were quoted at 61¼ bid.

AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) jumped 1 point to 89 bid on Wednesday.

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