Diamond Sports gains; Hertz notes mixed; W&T, Navios, Envision trade higher

By Cristal Cody

Tupelo, Miss., May 5 – Diamond Sports Group LLC’s paper climbed 3¾ to 4¾ points over Wednesday’s session in heavy volume.

The 5 3/8% senior secured notes due 2026 (B2/CCC+) were quoted at 74¾ bid, up 4¾ points, on more than $26.5 million of secondary volume, a source said.

Diamond Sports’ 6 5/8% senior notes due 2027 (Caa2/CCC-) added 3¾ points to hit 55¼ bid on $26 million of paper traded.

The company’s bonds climbed following the release of better-than-expected first-quarter results from parent company Sinclair Broadcast Group, Inc.

Hertz Corp.’s bonds headed out mixed after the parent company announced a rival offer to fund its Chapter 11 plan of reorganization is superior to its current proposal.

The company’s 6¼% senior notes due 2022 fell about 2 points to the 103 bid area, a source said.

In the energy space, Houston-based oil and gas producer W&T Offshore Inc.’s 9¾% senior secured notes due 2023 (Caa2/B) traded about ½ point better at 89¼ bid on nearly $21 million of secondary volume, a source said.

Greek shipping and logistics company Navios Maritime Acquisition Corp.’s 8 1/8% first priority ship mortgage notes due 2021 (Caa1/CCC) improved 1¼ points to 76¾ bid on more than $3.5 million of trading volume.

Distressed health care paper also saw some gains during the session.

Nashville-based Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) rose 1¼ points to 73½ bid on more than $3.5 million of secondary supply, a source said.

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