Endo, Mallinckrodt notes better on settlement news; DISH rises after analyst upgrade

By James McCandless

San Antonio, Aug. 26 – The distressed debt space started a new week with a focus on newsmakers and carryovers from the prior week, with tranches skewing positive.

Endo International plc’s and Mallinckrodt plc’s notes both ended better after sector peer Johnson & Johnson was ordered to pay a multi-million-dollar opioid lawsuit settlement.

Endo’s 6% senior notes due 2025 gained 3¾ points to close at 66¾ bid. The Par Pharmaceutical Inc. 7½% senior secured notes due 2027 rose 1½ points to close at 94½ bid.

In telecom, DISH Network Corp.’s paper rose after receiving an analyst upgrade early Monday.

The 5 7/8% senior notes due 2024 tacked on ½ point to close at 94 bid.

Early Monday, analysts at Raymond James issued an upgrade for the Englewood, Colo.-based pay-TV provider.

The company was upgraded to strong buy from market perform, citing the company’s potential to build out a 5G network.

Sector peer Frontier Communications Corp.’s notes also trended positively.

The 10½% senior notes due 2022 improved by 2 points to close at 52½ bid. The 11% senior notes due 2025, while seesawing throughout the day, held level at 50¾ bid.

Retailer L Brands, Inc.’s notes saw a partial recovery after receiving an analyst downgrade on Friday.

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