Endo lower following settlement; Mallinckrodt quiet; Diamond Sports drops; Talen up

By Cristal Cody

Tupelo, Miss., April 19 – Endo International plc’s bonds declined on Tuesday following the announcement of a settlement with Alabama to resolve opioid-related claims.

Endo Finance LLC’s 9½% senior secured notes due 2027 (Caa2/CCC+) dropped 2¼ points to 83½ bid on $7 million of paper traded, a source said.

Alabama attorney general Steve Marshall announced the state settled with Endo, Johnson & Johnson and McKesson Corp. for $276 million over opioid-related claims.

The state has remaining claims against opioid manufacturers Mallinckrodt plc, Purdue Pharma and Insys Therapeutics moving through bankruptcy court.

Mallinckrodt’s notes were thinly traded on Tuesday, a source said.

The company’s 4¾% notes due 2023 slipped about ¼ point to 37¾ bid.

In other distressed paper active, Diamond Sports Group LLC’s 5 3/8% second-lien secured notes due 2026 (Caa3/CCC+) fell 1 point on $5 million of volume, a source said.

The notes were quoted at 38¾ bid.

Talen Energy Supply LLC’s paper was 1 1/8 points to over 2 points better on more than $20 million of secondary action on Tuesday.

Talen’s 10½% senior notes due 2026 (C/CC/CCC) went out at 38 bid, up 2 5/8 points, on $15 million of volume, a source said.

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