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Talen declines; Transocean, NGL lower; PBF edges up; Midas quiets; Endo softens
By Cristal Cody
Tupelo, Miss., Aug. 19 – Talen Energy Supply LLC’s bonds plunged about 3½ points to 10 points on Thursday following S&P Global Ratings’ downgrade.
Talen’s 10½% senior notes due 2026 (B3/CCC/B-) dove 9½ points to 40¾ bid by late afternoon, a source said.
Energy bonds were mixed but mostly softer as oil prices sank a fourth consecutive session.
Transocean Inc.’s paper declined with the 7½% senior notes due 2026 (Ca/CCC+) going out about 3 points weaker at 69 bid, according to a market source.
NGL Energy Partners LP’s 7½% senior notes due 2026 (Caa1/CCC+) fell about ½ point to the 79½ bid area.
PBF Holding Co. LLC’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) improved about ¼ point to 88¼ bid.
Elsewhere, Midas Intermediate Holdco II LLC’s paper quieted on Thursday with the 7 7/8% senior notes due 2022 (Caa3/CCC-) last seen trading Wednesday up at 82¾ bid after dropping about 9 points earlier in the session.
In the distressed pharmaceuticals space, Endo International plc’s 6% senior notes due 2028 (Caa2/CCC+) traded down about ½ point to 62¼ bid by the close, a source said.
Looking at Covid-19-impacted issuers, AMC Entertainment Holdings, Inc.’s 12% second-lien senior secured notes due 2026 (Ca/C) dipped 1 point to 86 7/8 bid.
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