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Talen slides; PBF lower; TPC up; Cornerstone soft; Diamond Sports lower; Envision drops
By Cristal Cody
Tupelo, Miss., Nov. 22 – Distressed energy bonds slid in secondary trading on Monday as oil prices improved.
Talen Energy Supply LLC’s paper sank about 5½ points to 9 points.
The company’s 10½% senior notes due 2026 (Caa1/CCC/B-) were quoted at 56 bid, down 5½ points, on $6 million of volume, a source said.
PBF Holding Co. LLC’s bonds were about 2½ points to 3 points weaker after softening nearly 3 points ahead of the weekend.
PBF’s 6% senior notes due 2028 (Caa1/B/B-) fell 3 points to 68 bid on over $8.5 million of supply.
Elsewhere, TPC Group Inc.’s 10½% senior secured notes due 2024 (Caa2/CCC-/B-) traded as high as 73 bid out of the gate before closing up 1½ points better on the day at 70½ bid, a source said.
Cornerstone Chemical Co.’s 6¾% senior secured notes due 2024 (B3/CCC+) are trading about ¼ point lower so far in November at 89¾ bid.
Diamond Sports Group LLC’s 5 3/8% senior secured notes due 2026 (Caa1/CCC) were 1¼ points weaker over the day at 47¾ bid.
Envision Healthcare Corp.’s 8¾% senior notes due 2026 (Ca/CC) also dropped 3¼ points to 60¾ bid on $5 million of trading volume on Monday.
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