Wesco soars; Exela better; energy attracts buyers as oil climbs; Transocean, EnLink up

By Cristal Cody

Tupelo, Miss., March 30 – Wesco Aircraft Holdings Inc.’s bonds soared about 5 points to 13 points in secondary trading on Wednesday following the company’s announcement of a fresh $250 million liquidity infusion and note exchange.

The 13 1/8% senior notes due 2027 (Ca/CCC-) climbed 11¼ points to 41¼ bid on over $29 million of volume, a source said.

Exela Technologies, Inc.’s 11½% first priority senior secured notes due 2026 (Caa3/CCC-) improved 1 point to 53 bid a day after the company announced it had taken out its senior debt maturities due in 2022.

Energy bonds gained with oil prices up about $3 to $4 on Wednesday.

Transocean Inc.’s bonds traded about 1½ points to 1¾ points better, a source said.

The company’s 7½% senior notes due 2026 (Ca/CCC) went out up 1½ points at 86¼ bid on nearly $21 million of volume.

Talen Energy Supply LLC’s paper was flat to better.

EnLink Midstream Partners LP’s 6% perpetual preferreds (B1/B+/BB-) also rode the wave 3 points higher on Wednesday to 72½ bid, a source said.

“The market was off a little bit, but we had a decent rally yesterday and a little bit of follow-through today,” a trader said. “We continue to see buyers across the board in the energy sector.”

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