Bausch paper declines under heavy secondary pressure; Endo lower; AMC notes soften

By Cristal Cody

Tupelo, Miss., Sept. 1 – A few names stood out in the distressed debt market on Thursday with Bausch Health Cos. Inc.’s paper among the most active issues traded.

Bausch’s notes were down anywhere from 1½ points to 6½ points on $77 million of secondary volume by the end of the day, a source said.

The pharmaceutical company’s most active issue reported, the 5½% senior secured notes due 2025 (B3/B/BB-), dropped 1¾ points to 80½ bid on $14 million of paper traded.

The dive follows after Bausch’s distressed debt exchange offer and subsequent downgrades from Moody’s Investors Service, S&P Global Ratings and Fitch Ratings on Wednesday.

Bankrupt pharmaceutical manufacturer Endo International plc’s paper was lower in active trading.

Endo’s 7½% senior secured notes due 2027 (Caa2/CC) fell about ½ point to 84 bid on $14 million of notes traded, a source said.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) also were strongly traded on Thursday, according to a market source. The notes were quoted 1¾ points lower at 78¾ bid on $14 million of secondary volume.

S&P U.S. High Yield Corporate Distressed Bond index month-to-date total returns for August ended Wednesday at minus 0.54%.

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