Endo notes sink in heavy secondary supply; Mallinckrodt softens; Diamond Sports mixed

By Cristal Cody

Tupelo, Miss., March 11 – The distressed pharmaceuticals space saw the heaviest secondary action over Friday’s session.

The day’s supply was led by $48 million of volume in Endo International plc’s 9½% senior secured notes due 2027 (Caa2/CCC+).

The issue sank 4½ points to just under 87 bid, nearly 10 points lower on the week, a source said.

Endo’s 6% senior notes due 2028 (Caa3/CCC-) also slid 2½ points to 55½ bid in trading totaling over $10.5 million.

The notes were about 7¾ points lower on the week.

Mallinckrodt plc’s paper declined Friday with the 5½% senior notes due 2025 quoted at 49 bid, 2 points lower on the week.

Market tone remained soft headed into the weekend as the Russian invasion of Ukraine continues to impact global markets.

Diamond Sports Group LLC’s notes were flat to ¼ point softer Friday and trading about 1/8 point to 1¼ points lower on the week.

The company’s 6 5/8% senior unsecured notes due 2027 (Ca/CC) fell ¼ point to 22½ bid, a source said.

Diamond Sports’ 5 3/8% second-lien secured notes due 2026 (Caa3/CC) went out flat at 40 7/8 bid Friday.

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