Whiting lower after financial adviser report; Endo, Mallinckrodt lifted in pharma space

By James McCandless

San Antonio, Feb. 12 – The distressed debt space saw attention fixed on the energy and pharma sectors on Wednesday.

Whiting Petroleum Corp.’s notes shifted lower after reports that the company has consulted financial advisers on its debt.

The 6¼% senior notes due 2023 dropped 4¼ points to close at 64½ bid. The 6 5/8% senior notes due 2026 lost 2 points to close at 54 bid.

The Denver-based independent oil and gas producer saw negativity throughout its structure after reports indicated that the company has consulted with financial advisers on ways to refinance as it faces a large amount of debt coming due in the short term.

According to Bloomberg, the company is considering a replacement of unsecured debt with newly issued secured debt.

On a day of positive news in the pharma space, Endo International plc’s and Mallinckrodt plc’s notes were lifted.

The 5 3/8% senior notes due 2023 shot up 4 points to close at 80 bid. The 6% senior notes due 2025 improved by 3 points to close at 76¾ bid.

Dublin-based sector peer Mallinckrodt’s paper also gained ground.

The 5¾% senior notes due 2022 rose 3 points to close at 53½ bid. The 5 5/8% senior paper due 2023 were better by 1¾ points to close at 44½ bid.

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