Endo notes rise; Rite Aid paper better following downgrades; Party City weakens

By Cristal Cody

Tupelo, Miss., Nov. 9 – Bankrupt pharmaceutical manufacturer Endo International plc’s notes traded slightly better on Wednesday after the company reported a wide drop in third-quarter revenue and earnings due in part to “higher litigation-related charges” on opioid-related liabilities.

Endo Luxembourg Finance Co. Sarl’s 6 1/8% senior secured first-lien notes due 2029 (Caa2/CC) rose about ½ point to 76 bid in light trading on Wednesday, a source said.

Endo attributed quarterly losses in part to higher litigation-related charges regarding opioid-related liabilities.

Rite Aid Corp.’s 7½% senior secured notes due 2025 (B3/CCC-/CCC) improved 3/8 point over the session following the company’s second downgrade of the week.

Rite Aid’s 7½% senior secured notes due 2025 (B3/CC/CCC) rose to 71 bid, a source said.

Also in the distressed market, Party City Holdings Inc.’s 8¾% senior secured notes due 2026 (Caa1/CCC+) fell another 2¾ points on Wednesday after sliding more than 14 points on Tuesday.

Party City’s 8¾% senior secured notes due 2026 (Caa1/CCC+) went out the door on Wednesday 2¾ points lower at 42½ bid, a market source said.

The bonds ended October at 64¼ bid.

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