Endo, Mallinckrodt higher following settlement; Wesco improves; Diamond Sports, AMC up

By Cristal Cody

Tupelo, Miss., Sept. 13 – Distressed pharmaceutical paper continued to improve on Monday following last week’s $50 million opioid-related settlement.

Endo International plc’s bonds saw further gains after the paper rallied over 3 points on Friday following the company’s announcement that it settled opioid-related lawsuits in New York.

Endo’s 6% senior notes due 2028 (Caa3/CCC+) rose ¼ point to 67¾ bid, a source said.

Mallinckrodt LLC’s paper mostly improved with the company’s 4¾% notes due 2023 up ¾ point on the day at 40½ bid.

Wesco Aircraft Holdings Inc.’s secured notes recovered about ½ point to 1¼ points on Monday after the bonds declined about 5 points in heavy trading over the prior week.

Wesco’s 8½% senior secured notes due 2024 (Caa3/CCC+) improved 1¼ points to 86½ bid, a market source said.

In other distressed secondary volume, Diamond Sports Group LLC’s secured notes traded ½ point higher, while the unsecured paper improved about ¼ point.

Diamond Sports’ 5 3/8% senior secured notes due 2026 (B2/CCC) rose ½ point to 66¼ bid.

Also better on Monday, AMC Entertainment Holdings, Inc.’s secured and subordinated bonds rallied about 2½ points to over 5½ points.

AMC’s 12% second-lien senior secured notes due 2026 (Ca/C) were up 2½ points at 94½ bid on $18.25 million of volume.

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