Endo rallies; Mallinckrodt gets lift; Talen rebounds; Ligado declines; Telesat gains

By Cristal Cody

Tupelo, Miss., Nov. 2 – Endo International plc’s notes rallied 2 points to 4 points on Tuesday following the company’s announcement that a California state opioid-related trial ended in its favor.

Endo’s 6% senior notes due 2028 (Caa3/CCC-) shot up 4 points to 74¼ bid on $14 million of paper traded on Tuesday, a source reported.

Mallinckrodt plc’s bonds also were lifted about 1 3/8 points to 3 7/8 points in the distressed space despite the company’s reported third-quarter loss during the session.

Mallinckrodt’s 5¾% notes due 2022 headed out 3 7/8 points better at 46.625 bid after slipping ¾ point in the prior session, a source said.

Talen Energy Supply LLC’s bonds are trading higher in back-to-back sessions.

Talen’s 6½% senior notes due 2025 (Caa1/CCC/CCC+) rose more than 1¾ points to the 65 bid area on $1 million of volume.

In the satellite communications space, Ligado Networks’ 15½% senior secured first-lien notes due 2023 (Caa1) dropped 1½ points to 88½ bid on $3 million of volume on Tuesday, a source said.

Meanwhile, Telesat Canada LLC’s paper improved more than 1 point on Tuesday.

Telesat Canada’s 6½% senior notes due 2027 (Caa1/B) were trading over 82¼ bid on Tuesday on nearly $2 million of volume.

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