Endo lower; Mallinckrodt flat; AMC soft; 99 Cents off; PBF drops; Air Methods, PAA up

By Cristal Cody

Tupelo, Miss., Dec. 14 – Endo International plc’s junk bonds slipped on Tuesday after Texas’ attorney general announced an investigation into a subsidiarity and investment-grade rated AbbVie Inc. (Baa2/BBB+) for deceptive trade practices.

Endo’s 6% senior notes due 2028 (Caa3/CCC-) dropped over 2½ points to under 74½ bid on $9.7 million of secondary volume, a source said.

Elsewhere in the space, Mallinckrodt plc’s 5¾% senior notes due 2022 went out flat at 56 bid.

Air Methods Corp.’s 8% senior notes due 2025 (Caa3/CCC) rallied over 2 points to 85 bid after declining over 1 point in the prior day.

In other distressed paper, AMC Entertainment Holdings, Inc.’s bonds extended declines on Tuesday, going out about ½ point to over 1 point weaker, a market source said.

99 Cents Only Stores LLC’s 7½% senior secured notes due 2026 (Caa2/B-) dropped nearly 4 points to the 85 bid area on $3.5 million of volume following a downgrade from Moody’s Investors Service.

PBF Energy Inc.’s 6% senior notes due 2028 (Caa1/B/B+) fell about 1½ points to 62½ bid after trading nearly 1 point lower on Monday.

Plains All American Pipeline, LP’s 6 1/8% series B fixed-to-floating rate cumulative redeemable perpetual preferred units (Ba3/BB/BB) gained 1 point to 84¾ bid on over $3.5 million of secondary activity.

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