Endo pharma bonds trade mixed; Rite Aid paper edges up; AMC secured issue softens

By Cristal Cody

Tupelo, Miss., May 16 – Distressed paper in the health care space continued to grab attention in the secondary market on Monday.

Endo International plc’s bonds were mixed in heavy trading as the company faces bankruptcy reports.

Endo’s 7½% senior secured notes due 2027 (B3/B-) dipped 1/8 point to 76 5/8 bid on $18 million of volume, a source said.

The pharmaceutical company’s 6% senior notes due 2028 (Caa3/CCC-) picked up 1¼ points during the session but remained in the teens at 15¼ bid.

Endo’s paper plunged earlier in May after the company recorded a first-quarter loss and provided limited financial guidance.

Drug retailer Rite Aid Corp.’s paper was modestly higher on Monday after the company’s bonds and credit default swap spreads softened last week.

Rite Aid’s 8% senior secured notes due 2026 (B3/CCC/BB-) traded up ¼ point to 76½ bid on $11 million of secondary activity, a source said.

In other trading action on Monday, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) declined ¾ point to 69 over the day.

Volume was steady at $11 million, according to the market source.

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