Endo lower following stock delisting plans; Bausch mixed; CHS down; Transocean rallies

By Cristal Cody

Tupelo, Miss., Sept. 14 – The distressed space saw a few names active in otherwise mostly light secondary bond trading on Wednesday.

Endo International plc’s notes declined following the bankrupt pharmaceutical company’s notification that its stock will be removed from listing on the Nasdaq Stock Market later in September.

Endo’s 9½% senior secured notes due 2027 fell 1½ points to 18 bid, according to a market source.

Bausch Health Cos. Inc.’s notes were mixed after the company announced the early results of a debt exchange offer.

Bausch’s 9¼% senior notes due 2026 (Caa3/CC/C) dropped 1 5/8 points to 55 bid on $9 million of secondary supply, a source said.

The 5½% secured notes due 2025 (B3/B/BB-) were more than ¾ point better at 79¾ bid on $5 million of volume.

Community Health Systems Inc.’s 6 7/8% senior secured notes due 2029 (Caa2/CCC) gave back ¼ point to trade at 63½ bid in light activity, a source said.

Transocean Ltd.’s notes rose about ¾ point to more than 3 points on Wednesday following the offshore driller’s report the previous day of a bond exchange offer that provides it with $175 million of liquidity.

Transocean’s 8% debentures due 2027 (C/CCC-) traded 2¼ points better at 79¼ bid on $7 million of volume, a source said.

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