Endo lower; Mallinckrodt declines to 30s handle; Artera Services up; defaults flat

By Cristal Cody

Tupelo, Miss., May 24 – Endo International plc’s bonds dropped ½ point to ¾ point on Tuesday in a busy session as potential restructuring reports for the opioid manufacturer continue.

Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured notes due 2027 (B3/CCC) were quoted trading off ½ point at 77 bid on $13 million of paper changing hands, a market source said.

Paper from bankrupt pharmaceutical maker Mallinckrodt plc has been little traded in May but moved Tuesday down nearly 20 points to a 30s handle.

Mallinckrodt’s 5½% senior notes due 2025 were quoted at 35¼ bid by the close.

Market tone was mixed with stocks mostly weaker, while some distressed paper picked up points during the session.

Secured bonds from Artera Services LLC, formerly known as PowerTeam Services LLC, were lifted in steady trading following a revised outlook to negative on Monday from S&P Global Ratings.

Artera’s 9.033% senior secured first-lien notes due 2025 (B3/B-) improved 1 5/8 points on $6 million of paper traded, a market source said.

The bonds were quoted going out at 76 5/8 bid.

Meanwhile, defaults are at a multi-year low, S&P said in a report on Tuesday.

The 2022 global corporate default tally was unchanged at 31 over the past week, S&P said.

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