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Endo up after bankruptcy filing; Mallinckrodt soft; Bausch pressured; trading thin
By Cristal Cody
Tupelo, Miss., Aug. 18 – Distressed pharmaceutical names remained strongly traded on Thursday on the heels of Endo International plc’s Chapter 11 bankruptcy announcement the prior session.
“The first liens definitely are doing a little bit better,” a source said.
Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured first-lien notes due 2027 (Caa2/D) were quoted late afternoon at 86¾ bid, 87¾ offered.
The issue was seen up 1¼ points at 86½ bid on $14 million of secondary volume by the end of the session, another source said.
The 10% second-lien notes due 2029 (Caa2/CCC) that Mallinckrodt plc issued in connection with its emergence from Chapter 11 bankruptcy in June have been under pressure since the company posted its second-quarter earnings report last week.
“They’re down about 10 points in the last week,” a source noted. “They had a bad quarter.”
Mallinckrodt’s 10% second-lien notes due 2029 (Caa2/CCC) were quoted going out at 45 bid, 47 offered.
Bausch Health Cos. Inc.’s paper also moved about 1 point to 2 points lower in secondary trading Thursday.
The company’s 9¼% senior notes due 2026 (Caa2/CCC/B) were ending at 69½ bid, 70½ offered, a source said.
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