Distressed pharmaceutical paper mixed; Bausch notes skid; Endo improves; Revlon higher

By Cristal Cody

Tupelo, Miss., Aug. 24 – Bausch Health Cos. Inc.’s notes slid about 1¼ points to more than 6 points on Wednesday with the paper dominating distressed secondary volume over the session.

Nearly $50 million of the company’s notes were traded lower.

Bausch’s 9% senior notes due 2025 (Caa2/CCC/B-) were quoted down more than 6¾ points with a 63 handle on $10 million of volume, a source said.

Also in the distressed pharmaceutical space, Endo International plc’s paper has been moving higher since the company’s Chapter 11 bankruptcy last week, a source said.

Endo subsidiary Par Pharmaceutical Inc.’s 7½% senior secured first-lien notes due 2027 (Caa2/D) climbed over 1 point to around 89 bid on Wednesday on $12 million of secondary activity.

Overall distressed volume has been light this week due to late-summer vacations that are expected through the Labor Day holiday, according to market sources.

In other bankrupt paper, Revlon Consumer Products Corp.’s 6¼% senior notes due 2024 (C/D) traded about 1¾ points higher on Wednesday at the 12 bid area, a source said.

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