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Endo notes trade up; CHS paper softens; Toledo Hospital improves; Bausch declines
By Cristal Cody
Tupelo, Miss., Aug. 29 – Bankrupt Endo International plc’s paper ticked higher on Monday as the company reported new developments, including that its stock was delisted from the Nasdaq on Friday and it plans a Sept. 29 general meeting.
Endo Luxembourg Finance Co. Sarl’s 6 1/8% senior secured first-lien notes due 2029 (Caa2/CC) went out at 87 bid, up 1½ points from Friday, a source said.
CHS/Community Health Systems, Inc.’s 6 1/8% senior secured notes due 2030 (Caa2/CCC) softened about ½ point to 60½ bid on Monday.
Toledo Hospital’s 5.325% senior secured notes due 2028 (Baa3/BB), down more than 30 points from July, rose about 1½ points in active trading to 65 bid, a source said.
Bausch Health Cos. Inc.’s notes declined about ¼ point to 3¼ points on Monday after trading about 8¾ points to more than 10 points lower last week, according to a market source.
Bausch’s 9% senior notes due 2025 (Caa2/CCC/B-) fell 3¼ points to 60¼ bid by the close on $1 million of volume.
Downgrades outpaced upgrades last week, with the “possibility of debt restructurings looming for some issuers as higher costs, supply chain constraints, and slowing growth chip away at credit quality,” S&P Global Ratings said in a report on Monday.
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