Endo notes sink to teens in heavy secondary action; Mallinckrodt quiet; Telesat up

By Cristal Cody

Tupelo, Miss., May 6 – Endo International plc’s paper sank about 4¼ points to over 26 points on Friday following the company’s release of a weak first-quarter earnings report and limited financial guidance for the year.

Endo Finance LLC’s 6% senior notes due 2028 (Caa3/CCC-) slid 26½ points to 17 bid, a source said.

Volume was heavy with $43 million of paper changing hands.

Endo’s 9½% senior secured second-lien notes due 2027 (Caa2/CCC-) sank 25¼ points to 34¼ bid by the day’s end on $85 million of secondary supply.

The bulk of distressed secondary action was focused on Endo with a few other names seen, according to market sources.

“Distressed is pretty slim pickings,” a source said.

Mallinckrodt plc’s paper has been thinly traded as the company prepares to exit Chapter 11 bankruptcy.

The drug maker’s 5¾% notes due 2022 were last seen on Thursday up 1 point to 51¾ bid, a source said.

Telesat Corp.’s notes were among the day’s busiest issues with the paper nearly 3 points higher after the company posted strong first-quarter income.

Telesat Canada LLC’s 6½% senior notes due 2027 (Caa2/CCC+) improve to a print of 45.938 on volume totaling $12 million, a source said.

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