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Diamond Sports mixed; Mallinckrodt gains as bankruptcy end nears; Endo soft; TPC down
By Cristal Cody
Tupelo, Miss., Feb. 4 – Diamond Sports Group LLC’s secured notes improved ¼ point while its unsecured notes slipped 1¼ points as the start of a solicitation of consents for a debt exchange was expected to begin Friday.
Diamond Sports’ 6 5/8% senior unsecured notes due 2027 (Ca/CC) fell over 1¼ points to 25½ bid, unchanged from a week ago, a source said.
In other distressed secondary supply, Mallinckrodt plc’s bonds are up about 1 point to 1¾ points since a bankruptcy court confirmed the company’s reorganization plan.
Mallinckrodt’s 5½% senior notes due 2025 added 1¾ points to 54¾ bid with $2 million of paper reported traded on Friday.
Endo International plc’s 6% senior notes due 2028 (Caa3/CCC-) went out about ½ point lower at the 67½ bid area, a source said.
TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) remained soft on Friday after the company confirmed it missed coupon payments this week.
TPC’s 10½% senior secured notes due 2024 (Caa2/D/CC) saw thin trading at 55 bid, down from Monday’s bid of 66¾, a source said.
Distressed secondary supply was light over the day, sources reported.
“High yield traded off a point,” a source said. “Not a lot of distressed was up.”
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