Endo, Teva drop post-settlement news; Range Resources active, flat after downgrade

By James McCandless

San Antonio, Aug. 27 – The distressed debt market saw a renewed focus on tranches in the pharmaceutical and energy sectors on Tuesday.

Pharma names Endo International plc’s and Teva Pharmaceutical Industries Ltd.’s notes dropped in the wake of a high-profile opioid lawsuit judgment.

Endo’s 6% senior notes due 2025 fell 3¼ points to close at 63½ bid.

Dublin-based drug producer Endo’s capital structure was among the most active in distressed trading a day after an Oklahoma judge ordered sector peer Johnson & Johnson to pay $572 million in opioid-related damages to the state.

Petach Tikva, Israel-based generics maker Teva’s issues were also trending lower.

The 2.8% senior notes due 2023 held level at 84 bid. The 3.15% senior notes due 2026 lost 1½ points to close at 73 bid.

Meanwhile, in energy, Range Resources Corp.’s distressed paper was active but largely unchanged following a ratings agency downgrade.

The 4 7/8% senior notes due 2025, while moving as low as 81 bid during the day, ended level at 82 bid. The 5% senior notes due 2023 ended at 88½ bid.

On Tuesday, S&P Global Ratings lowered Range Resources’ unsecured issue-level ratings to BB from BB+, citing an assumption for lower prices for natural gas and natural gas liquids.

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